Connacher Oil and Gas, $1.26, symbol CLL on Toronto (Shares outstanding: 427.4 million; Market cap: $538.5 million), is a Calgary-based oil and natural gas exploration, development, production and refining company.
Connacher’s main asset is a 100% interest in 98,000 acres of oil-sands leases near Fort McMurray, Alberta. These leases include the land occupied by Pod One, the company’s first 10,000-barrel-per-day oil-sands project. Algar, the company’s second 10,000-barrel-per-day oil-sands project, is now under construction. It’s expected to start up later this year.
Extracting oil from oil sands is hugely expensive. That cuts these projects’ profitability and adds to their risk when oil prices are low. Moreover, Connacher has built up significant long-term debt by investing in oil-sands projects. Long-term debt of $889.1 million represents 167% of its market cap.
The company has added some diversity through its refining and conventional-oil and natural-gas assets, but its high debt continues to saddle it with a lot of risk.
We don’t recommend Connacher Oil and Gas.
Gas.
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Privacy Policy and Terms of Use
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