Oil & Gas Product News Logo

Edmonton auction a big seller for Ritchie Bros.

Edmonton auction a big seller for Ritchie Bros.

Company info

9500 Glenlyon Parkway
Burnaby, BC
CA, V5J 0C6

Website:
rbauction.com

Read more

Last week Ritchie Bros. conducted its largest Canadian auction of the year, selling CA$207+ million (US$161+ million) of equipment over five days in Edmonton, AB. 

The April 24 - 28 auction attracted more than 14,000+ bidders from 59 countries, including 9,750+ online bidders. Approximately 89 percent of the equipment in the auction was sold to Canadian buyers, with buyers from Alberta purchasing 55 percent, while international buyers from countries such as the United States, China, and the United Arab Emirates purchased 11 percent of the equipment. Approximately 58 percent of the equipment in the auction was sold to online buyers. 

"Our auction in Edmonton last week featured some of the cleanest, low-hour equipment available on the market today, attracting a huge number of global buyers," said Brian Glenn, Senior Vice President, Ritchie Bros. "We once again saw strong participation from Western Canadian registrants, bidding aggressively as they're looking to purchase equipment for the spring construction season, resulting in strong pricing across most equipment categories." 

Brian Glenn continued, "Last week's auction featured equipment from close to 1,300 consignors—which is a new company record for a single auction. This included complete dispersal packages from great Western Canadian companies like NEC Construction and HiTrac Equipment and two big oilfield transportation packages of late-model rig moving equipment from H&E Oilfield Services and Cierra Trucking that attracted higher than average U.S. participation. We would like to thank the many sellers who once again put their trust in Ritchie Bros. to market their equipment to the world, and the thousands of bidders for helping us deliver a safe and successful sale." 

"Ritchie Bros. in the best place in the world to buy and sell equipment," said Albert Benson, President of NEC Construction Ltd. "The Ritchie Bros. team is a such a great group of people to work with—so down-to-earth—and their auction process is very honest and transparent. Their marketing is great and they get the best prices. The results on our equipment last week were amazing." 

"I've been selling with Ritchie Bros. since 2010 because they get me better returns than trading in or any other way of selling," said Jed Fryer, owner of J.F. Logging Ltd., based in Prince George, B.C. "Ritchie Bros. provides an amazing selling experience. We sold nine heavy haul trucks in last week's Edmonton auction and the results once again exceeded our expectations."

In total, more than 9,450+ equipment items and trucks were sold in last week's Edmonton auction, including 275+ excavators, 270+ truck tractors, 245+ compactors, 145+ dozers, 130+ aerial work platforms, 125+ skid steers, 100+ articulated dump trucks, 90+ boom trucks, 80+ winch tractors, 45+ agricultural tractors, 20+ bed trucks, as well as a large selection of farmland and industrial real estate. As always, all items were sold without minimum bids or reserve prices. Specific highlights included: 
  • Three 2014 Caterpillar D6T LGP crawler tractors sold for a combined CA$1.29 million 
  • Two unused 2018 Caterpillar D6T LGP crawler tractors sold for a combined CA$1.19 million 
  • Two 2006 Caterpillar 627G motor scrapers sold for a combined CA$805,000 
  • Two 2014 Caterpillar A40G 6x6 articulated dump trucks sold for a combined CA$730,000 
  • A 2014 Kenworth C500 T/A T/A bed truck sold for CA$410,000 
  • A 2012 Elrus closed circuit portable cone crushing plant sold for CA$410,000 
  • A 2014 Caterpillar 14M VHP Plus motor grader sold for CA$360,000 
  • A 2014 Kenworth C500B T/A tri-drive boom truck sold for $355,000 
  • A 2011 Caterpillar 980K wheel loader sold for CA$280,000 
  • A 2015 Kenworth C500 tri-drive sleeper winch tractor sold for CA$250,000 
Auction quick facts: Edmonton, AB (April 2018) 
  • Gross transactional value - CA$207+ million (US$161+ million)  
  • Amount sold to online bidders - CA$120+ million (US$93+ million) 
  • Total registered bidders (onsite and online) - 14,000+ 
  • Online registered bidders - 9,750+ 
  • Number of lots sold - 9,450+ 
  • Number of sellers - 1,290+

More from Industry News

Oil & gas leaders look for cost reduction and efficiency gains

Speaking at the closing of the AIPN 2019 International Petroleum Summit (IPS), Ryan Lance, Chairman and Chief Executive Officer of ConocoPhillips spoke about his company's "hyper focus on returns" highlighting that the "returns the energy industry has generated have been negative over the last 10 to 15 years. Investors are frustrated. We chase the cycle up only, they have to chase the cycle back down on the back side. We recognize it's a mature industry growing at 1 percent per year. There's a lot of companies, some tremendous companies ... that have dramatic growth profiles. But when they put a hundred percent of their cash flow back into the business, don't pay the shareholder a fair amount of money, they're actually destroying value in the long run.

Quest carbon capture storage facility hits 4 million tonne milestone

In less than four years, the Quest carbon capture and storage (CCS) facility has captured and safely stored four million tonnes of CO2, ahead of schedule and at a lower cost than anticipated. Four million tonnes of CO2 is equal to the annual emissions from about one million cars. Quest has now stored underground the most CO2 of any onshore CCS facility in the world with dedicated geological storage.

Canadian energy future to be propelled by technological innovation

Over the past decade, uncertainty has been constant in Canada's oil and gas industry, brought on in part by unknown investment outlooks, lack of market access, and a complex regulatory process. According to PwC Canada's 2019 Energy Visions report, there are two main factors that could catalyze change for the oil and gas industry: a national energy strategy as well as further technological innovation. 

Pacific Oil & Gas Ltd. to acquire Canbriam Energy Inc.

Canbriam Energy Inc. and Pacific Oil and Gas Ltd. have announced the signing of definitive documents for the acquisition by PO&G of all of the issued and outstanding shares of Canbriam for cash consideration. Canbriam's Board of Directors has provided unanimous approval of the Transaction, and all of the officers, directors and significant shareholders of Canbriam representing greater than 90 percent of the outstanding Canbriam shares have entered into support and lock-up agreements in favor of the Transaction.

free-paper-airplane

Get our newsletter

Learn more

Fuelled engaged by PwC to facilitate large energy asset disposition

Fuelled, Canada's leading energy equipment marketplace, announced an agreement with PricewaterhouseCoopers Inc., LIT, in its capacity as the court appointed Receiver of Trident Exploration.  This agreement will allow Fuelled to act as the exclusive sales agent for Trident's surplus oil and gas equipment. Fuelled is representing the Receiver on the divestiture of approximately 250 pieces of production equipment located in Western Canada. "We look forward to working closely with the Receiver on this engagement while we continue to deliver an unparalleled customer experience to our online buyers" said Austin Fraser, VP of Fuelled.  "Trident's equipment includes gas compression, separation, dehydration, refrigeration, MCC's and other gas processing equipment that we believe there is strong demand for from our customers domestically as well as in the US and Overseas"

IGU releases 2019 Wholesale Gas Price Survey

The International Gas Union (IGU) released its 2019 Wholesale Gas Price Survey at Flame 2019. The survey is the eleventh to be undertaken in a series that began in 2007. The eleven surveys examine the dramatic changes in wholesale price formation mechanisms during a period of key developments in the global gas market. 

Pfannenberg launches video demonstrating ease of installation for signaling alarms

Pfannenberg, a manufacturer of thermal management and signaling technologies, announces a new video highlighting the ease of installation of its line of PATROL signaling devices, including both audible and combined visual-audible signal models. Pfannenberg signaling devices are designed to be installed in less than a minute. Video viewers can see a direct head-to-head comparison with competitive signaling alarms that take considerably more time to install.

Canada sees continuing drop in rig counts for April

Baker Hughes, a GE company announced that the Baker Hughes international rig count for April 2019 was 1,062, up 23 from the 1,039 counted in March 2019, and up 84 from the 978 counted in April 2018. The international offshore rig count for April 2019 was 251, up 4 from the 247 counted in March 2019, and up 57 from the 194 counted in April 2018.

Canadian upstream oil and gas investment shows small increase compared to U.S., study shows

From 2016 to 2018, capital investment in Canada's upstream oil and gas industry (essentially, exploration and production) increased 15 percent compared to 41 percent in the U.S. over the same period, finds a new study released by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

free-magazine-subscription

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more

New frac pump from Weir engineered for reliability in harsh operation

At OTC 2019, Weir Oil & Gas introduced its new SPM EXL Frac Pump - engineered from the ground up to be the most durable, longest-lasting 2500 horsepower pump on the market, the company states. With the highest rod load rating in its class at 238,000 pounds, this pump is designed to withstand today's harshest fracking conditions and ease maintenance for operators' field teams.

National Energy Board approves applications to abandon sub-sea pipelines

The National Energy Board (NEB) has approved two applications to abandon the NEB-regulated parts of Exxon Mobil's Sable Offshore Energy Project and Encana Corporation's Deep Panuke Project. These projects, both located offshore Nova Scotia, had reached a stage of naturally declining production. The Sable Offshore Energy Project stopped producing natural gas in December, 2018 and Deep Panuke ceased production in May, 2018.

PSAC cites market access challenges as it cuts 2019 forecast for second time

The Petroleum Services Association of Canada (PSAC), in its Midyear Update to the 2019 Canadian Oilfield Services Activity Forecast, lowered for a second time its Forecast for the number of wells drilled (rig released) in 2019 across Canada to 5,300 wells - a drop of 1,300 or twenty per cent (20%) from the original Forecast of 6,600 in November 2018.  PSAC has based its updated Forecast on an average natural gas price of C$1.65/mcf (AECO), crude oil price of US$57.00/barrel (WTI), and a U.S.-Canada exchange rate averaging $0.75.

Leucrotta announces successful test rate in upper Montney

Leucrotta Exploration Inc. is pleased to announce the following update: Leucrotta drilled and completed an Upper Montney horizontal multi-frac well at 8-22-81-14W6 ("8-22") in the Mica area of north east British Columbia. The well was considered a major step-out given it was approximately 7.5 miles from the closest producing horizontal Upper Montney well. This well confirms that a large portion of our land base that has previously been delineated as highly productive in the Lower Montney is also highly productive in the Upper Montney, effectively significantly increasing the size of the potential development of the resource.

Oil sands project costs have dropped but pipeline constraints, other factors likely to slow growth

The cost of building and operating oil sands projects has fallen dramatically in recent years and total oil production is expected to rise by another 1 million barrels per day (mbd) by 2030. But external factors—such as price uncertainty caused by pipeline constraints—are contributing to a more moderate pace of production growth than in years past, a new report by business information provider IHS Markit.

CAPP encourages Newfoundland and Labrador residents to vote for energy in provincial election

Newfoundland and Labrador has an opportunity to become one of the most competitive offshore oil and natural gas jurisdictions in the world, but only if Newfoundlanders and Labradorians vote for energy in the next provincial election, according to the Canadian Association of Petroleum Producers (CAPP). In its Newfoundland and Labrador Energy Platform, Oil and Natural Gas Priorities for a Prosperous Newfoundland and Labrador, CAPP made a series of action-oriented recommendations aimed at increasing industry competitiveness through improvements to regulatory, fiscal, and economic policies, and the timely expedition of projects.

free-paper-airplane

Get our newsletter

Learn more

CNRL provides update on Scotford Upgrader incident

Canadian Natural Resources Limited has released a follow up report on the event which occurred at the Scotford Upgrader, in which the Company has a 70% interest, on Monday April 15, 2019 at approximately 8:45am. Shell Canada, as Operator of the Scotford Upgrader, along with Strathcona County Emergency Services responded to a fire in the upgrader expansion area ("North Upgrader") at the Scotford Upgrader, while it was being shut down for planned maintenance. The fire was promptly extinguished, all personnel were accounted for, and there were no reported injuries.

Orbital Gas Systems showcases new technologies at open house

Orbital Gas Systems, a wholly-owned Energy subsidiary of CUI Global, Inc., held a technology showcase and open house for customers and suppliers at its Houston facility Thursday, April 25. The 39,000 square foot facility supports the growth of the upstream, midstream and downstream product lines and services, including gas metering, process control, telemetry, gas sampling, environmental monitoring and BioMethane systems.

Husky Energy reports first quarter 2019 results

Husky Energy generated funds from operations of $959 million in the first quarter of 2019, compared to $895 million in the first quarter of 2018. Net earnings were $328 million, compared to $248 million in Q1 2018 and free cash flow was $147 million, compared to $258 million in the first quarter of 2018. Cash flow from operating activities, which includes changes in non-cash working capital, was $545 million, compared to $529 million in Q1 2018.

Cenovus delivers strong performance through Q1 of 2019

Cenovus Energy Inc. delivered strong operating and financial performance in the first quarter of 2019, generating more than $1 billion of adjusted funds flow, $731 million of free funds flow and cash from operating activities of $436 million. The company's excellent financial results were driven by strong operating performance, a significant narrowing of light-heavy oil price differentials in early 2019 and Cenovus's low-cost structure and continued commitment to capital discipline.

free-magazine-subscription

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more