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Energy Summary for Jan. 15, 2015

2015-01-15 19:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $2.23 to $46.25 on the New York Merc, while Brent for March lost 42 cents to $48.27 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.15 to WTI ($32.10), down from a discount of $12.80. Natural gas for February lost 7.5 cents to $3.15. The TSX energy index lost 2.34 points to close at 201.52.

Pacific Rubiales Energy Corp. (PRE) added 19 cents to $4.40 on 8.47 million shares, regaining some of the 44 cents it lost yesterday on concerns about its debt. As mentioned in yesterday's Energy Summary, a FirstEnergy Capital analyst wrote a report saying that Pacific Rubiales is at risk of breaching its debt covenants, and needs to eliminate its dividend and sell assets. The general counsel of Pacific Rubiales denied the default rumours to Bloomberg. CEO Ronald Pantin repeated the denial in a news release after the close, saying the debt ratio is still significantly below the levels of a covenant breach (which, on occurrence, would simply mean restrictions on the ability to issue additional debt) and the company still has four years before it needs to start paying the debt down. Nothing to see here, Mr. Pantin concluded. The market is less sure. The company's $4.52-billion (U.S.) debt mainly comprises $3.97-billion (U.S.) of notes due from 2019 to 2025. According to the market data centre of the Financial Industry Regulatory Authority, the notes are trading around 60 cents on the U.S. dollar, down from at least 95 cents at the end of September.

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