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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $2.37 to $51.21 on the New York Merc, while Brent for March added $2.39 to $57.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI ($37.81), up from a discount of $13.65. Natural gas for March lost 8.4 cents to $2.71. The TSX energy index added 3.08 points to close at 233.95.

Cenovus Energy Inc. (CVE) dropped to an intraday low of $24.09 before recovering to close out the day at $24.63, down five cents, on 4.26 million shares. Its fourth quarter results showed a loss of $472-million, eight times its loss of $58-million a year earlier. This year's loss included a $497-million goodwill impairment charge on the Pelican Lake conventional heavy oil project in Alberta, reflecting a slowdown of the project's development plan. Cenovus plans to focus on its Foster Creek and Christina Lake oil sands projects this year. It has already cut its 2015 budget once, and today it said more cuts were likely if the oil rout continued. For now, it is shedding 15 per cent of its staff and suspending pay hikes for the rest.

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