Canada energy IB vs US energy IB

Hi guys:

Could someone comment on the main differences in terms of deal exposure and exit opportunities in terms of Canada energy IB vs US energy IB please? From what I've researched, it seems that Canada energy IB (esp in Calgary) is more on asset acquisition and disposal, less on large M&A /cross-border deals. Would it be correct to understand that, US energy IB would offer better deal experiences to understand capital structure than Canadian ones please? Thank you!

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At my prior firm (BB) the Calgary office did a mix of power, utilities and oil/gas. The oil and gas deals were primarily asset focused because the universe of sizeable companies is too small to warrant frequent merger deal flow. Some of the power deals seemed interesting because the companies had a global footprint (Algonquin, Northleaf, etc)

On another note the Canadian oil and gas industry is in far worse shape than the US side. Alberta implemented mandatory production cuts and pipelines are being canceled left and right. There is no market for their natural gas in the US any longer because of new supply sources. I personally don’t see a long term future for the industry in terms of growth. Some banks are also dumping oil sands clients out of ESG policy and have/will close Calgary offices.

 

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