06:48:52 EDT Fri 29 Mar 2024
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Energy Summary for May 7, 2015

2015-05-07 20:36 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $1.99 to $58.94 on the New York Merc, while Brent for June lost $2.23 to $65.54 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.40 to WTI ($50.54), down from a discount of $8.35. Natural gas for June lost 4.2 cents to $2.73. The TSX energy index lost 3.55 points to close at 223.48.

Grant Fagerheim's Whitecap Resources Ltd. (WCP) lost 20 cents to $14.07 on 4.79 million shares, after releasing its first quarter financials. Production was 38,351 barrels of oil equivalent a day, well ahead of analysts' predictions of about 36,800 barrels a day. Whitecap patted itself on the back for achieving this "exceptional" level of production while spending just $76-million instead of its budgeted $95-million. The performance was in part thanks to an earlier-than-expected contribution from the Elnora Nisku light oil pool in Alberta. The pool's production was previously restricted to 2,000 net barrels a day, but this restriction was lifted earlier this year after Whitecap received regulatory approval to start a waterflood program, which it said could quickly increase production to about 5,800 net barrels a day on very little spending. The increase was not forecast to start happening until May, but Whitecap evidently got started early. Given the good first quarter, the company nudged its full-year budget down to $235-million from $245-million, and estimated that it will likely exceed its full-year production target of 39,700 barrels of oil equivalent a day even with the lower budget. It added that its balance sheet is more than strong enough to support the budget as well as its 6.25-cent monthly dividend, which yields 5.3 per cent.

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