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Energy Summary for March 6, 2015

2015-03-06 20:40 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.15 to $49.61 on the New York Merc, while Brent for April lost 75 cents to $59.73 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.85 to WTI ($34.76), down from a discount of $14.25. Natural gas for April lost 0.2 cent to $2.83. The TSX energy index lost 2.81 points to close at 218.57.

Brett Herman's TORC Oil & Gas Ltd. (TOG) added seven cents to $10.24 on 3.64 million shares, slowing its rise after adding $1.12 in the three previous days. Since TORC went public in late 2012, it has developed a reputation for surpassing its guidance, so investors likely had high hopes for its year-end financials. These were released yesterday after the close. Production in the fourth quarter averaged 11,957 barrels of oil equivalent a day, meaning TORC, reputation intact, exceeded its goal to end the year at 11,900 barrels a day. TORC also noted that its proven plus probable (2P) reserves were 59.3 million barrels at year-end 2014, up from 47.1 million a year earlier. It patted itself on the back for another good year. This year, it is planning average production of 13,000 barrels a day and year-end production of 13,450 barrels a day, on a $125-million budget. It repeated this guidance in its news release and also maintained its 4.5-cent monthly dividend, which yields 5.3 per cent. (The Canada Pension Plan Investment Board, which owns over one-fifth of TORC's shares, receives its dividends in the form of more shares, so the cash cost of the dividend is just $46-million.) TORC is one of few producers that so far have cut neither their 2015 budget nor their dividend. Others include Cardinal Energy Ltd. (CJ: $14.47), Crescent Point Energy Corp. (CPG: $28.92), Peyto Exploration & Development Corp. (PEY: $35.27), which actually increased its dividend in November, and Imperial Oil Ltd. (IMO: $47.00)

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