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Energy Summary for June 22, 2015

2015-06-22 20:25 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added seven cents to $59.68 on the New York Merc, while Brent for August added 32 cents to $63.34 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.30 to WTI ($49.38), down from a discount of $10.15. Natural gas for July lost 8.3 cents to $2.73. The TSX energy index added 2.09 points to close at 209.48.

Cenovus Energy Inc. (CVE) lost 13 cents to $20.91 on 2.14 million shares. Though down today, it has still risen from $19.92 last Monday, thanks in part to rumours that it is close to selling its royalty assets. The company first mentioned "substantial interest" in its royalty assets during a conference call in February. The assets produced about 7,600 barrels of oil equivalent a day and generated $150-million of operating cash flow in 2014. Proceeds from a sale would help support the budget and lower the likelihood of a dividend cut, which Cenovus has long maintained it does not want to do. (The 26.62-cent quarterly dividend yields a rather generous 5.1 per cent.) Last Thursday, Reuters reported that Cenovus was close to selling the assets to the Ontario Teachers' Pension Plan in a deal worth $2.5-billion to $3-billion. Cenovus confirmed on Friday that it was in talks with a potential buyer, but it would not provide the identity or any financial details.

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