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Apache Corporation : Kitimat LNG partners announce export licence approval by National Energy Board

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10/14/2011 | 06:35pm CEST

CALGARY, Oct. 13, 2011 /PRNewswire/ - Kitimat LNG partners Apache Canada Ltd. (Apache Canada), EOG Resources Canada Inc. (EOG Canada) and Encana Corporation (Encana) today announced that the National Energy Board (NEB) has granted Kitimat LNG a 20-year export licence to ship liquefied natural gas from Canada to international markets.

"The Kitimat LNG project represents a remarkable opportunity to open up Asia-Pacific markets to Canadian natural gas and we're leading the way in being able to deliver a long-term, stable and secure supply to the region," said Janine McArdle, Kitimat LNG President. "This export licence approval is another major milestone for Kitimat LNG as we move forward and market our LNG supply. LNG customers can have even more confidence in a new source of supply."

"Today marks a historic day for Canada's natural gas industry and this is fantastic news for our project and the communities where we operate. Kitimat LNG will bring revenues and jobs and the associated benefits to Canada," said Tim Wall, Apache Canada President. "The Kitimat LNG partners are very pleased with the NEB's approval of our export licence and we'd like to thank them for their support and confidence in the project."

The Kitimat LNG export facility is planned to be built on First Nations land under a partnership with the Haisla First Nation.

The facility will be served by Pacific Trail Pipelines Limited Partnership's natural gas pipeline which will run from Summit Lake to Kitimat. The 463-kilometre underground line will provide the terminal with a direct connection to the Spectra Energy transmission pipeline system and excellent access to natural gas supplies in British Columbia.

Kitimat LNG is currently carrying out a Front End Engineering and Design (FEED) study which will provide certainty around project design, construction timelines and costs and labour force requirements. The FEED study is expected to be complete by early in 2012 followed by a final investment decision by the partners.

About the Kitimat LNG facility and the PTP Pipeline

Apache Canada, EOG Canada and Encana plan to build the Kitimat LNG facility on IR#6 Bish Cove, approximately 650 kilometres (400 miles) north of Vancouver. The facility is planned to be built on First Nations land under a unique partnership with the Haisla First Nation. The initial phase of the facility has a planned capacity of approximately 5 million metric tonnes of LNG per annum or the equivalent of nearly 700 million cubic feet per day. PTP is planning to build a 463-kilometre (287-mile), 914-mm (36-inch) diameter underground line from Summit Lake, B.C. to Kitimat. Pacific Northern Gas Ltd. (PNG) will operate and maintain the planned pipeline under a seven-year agreement with Apache Canada, EOG Canada and Encana, with provisions for five-year renewals.

Kitimat LNG project background and other information

Additional information about the Kitimat LNG project, including illustrations, an animated video, and previously issued news releases can be found at www.kitimatlngfacility.com

Key milestones for the project include:

  • October 2011 - Canada's National Energy Board grants Kitimat LNG a 20 year Export Licence to serve international markets.
  • July 2011 - Kitimat LNG purchases Eurocan industrial site
  • March 2011 - Apache and EOG welcome Encana to the Kitimat LNG development
  • March 2011 - Kitimat LNG front-end engineering and design awarded to KBR
  • March 2011 - Apache and EOG acquire all of Pacific Trail Pipelines
  • December 2010 - KM LNG Operating General Partnership files Canadian Federal Export Licence Application
  • December 2010 - EOG closes agreement on purchase of 49 percent of project
  • November 2010 - Documents fully executed for land leases with related agreements
  • November 2010 - Haisla First Nation votes overwhelmingly to approve land leases
  • May 2010 - EOG Resources Canada signs pre-acquisition agreement to purchase remaining 49 percent of project
  • January 2010 - Apache purchases 51 percent of project and becomes operator
  • August 2006 - Canadian federal environmental assessment decision statement received
  • June 2006 - Canadian provincial environmental assessment approval

About Apache Canada Ltd.

Apache Canada Ltd., a subsidiary of Apache Corporation (NYSE, Nasdaq: APA), is one of Canada's top oil and gas producers with operations in Alberta, British Columbia and Saskatchewan. Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt, the United Kingdom North Sea, Australia and Argentina, in addition to Canada. Apache common stock is listed on the New York Stock Exchange and quoted on the NASDAQ National Market under the symbol APA. Apache posts announcements, updates and investor information, in addition to copies of all recent press releases, on its website www.apachecorp.com.

About EOG Canada

EOG Resources Canada Inc. is a wholly owned subsidiary of EOG Resources, Inc.the United States with proved reserves in the United States, Canada, Trinidad, the United Kingdom and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG." For more information, visit www.eogresources.com.

About Encana Corporation

Encana (TSX, NYSE: ECA) is a leading North American natural gas producer that is focused on growing its strong portfolio of natural gas resource plays in key basins from northeast British Columbia to east Texas and Louisiana. By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.Encana visit www.encana.com


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Financials ($)
Sales 2018 7 323 M
EBIT 2018 2 096 M
Net income 2018 772 M
Debt 2018 7 232 M
Yield 2018 2,42%
P/E ratio 2018 19,86
P/E ratio 2019 21,33
EV / Sales 2018 3,14x
EV / Sales 2019 3,05x
Capitalization 15 768 M
Duration : Period :
Apache Corporation Technical Analysis Chart | APA | US0374111054 | 4-Traders
Technical analysis trends APACHE CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 29
Average target price 45,1 $
Spread / Average Target 9,3%
EPS Revisions
John J. Christmann President, Chief Executive Officer & Director
John E. Lowe Non-Executive Chairman
Stephen J. Riney Chief Financial Officer & Executive Vice President
Mark D. Maddox Chief Information Officer & Vice President
George D. Lawrence Independent Director
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