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Energy Summary for Nov. 26, 2015

2015-11-26 20:22 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for Thanksgiving, which always results in a quiet day in Canadian stocks. West Texas Intermediate crude for January delivery lost 53 cents to $42.51 in electronic trading on the New York Merc, while Brent for January lost 68 cents to $45.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.65 to WTI ($27.86), unchanged. Natural gas for December lost 1.1 cents to $2.195. The TSX energy index lost 1.09 points to close at 177.19.

Canadian Oil Sands Ltd. (COS) lost eight cents to $8.82 on 3.66 million shares. The fate of its new poison pill, adopted in response to a hostile all-share takeover offer made seven weeks ago by Suncor Energy Inc. (SU: $36.42), is being decided this week by the Alberta Securities Commission (ASC). The poison pill would give Canadian Oil Sands 120 days to consider its options. This is double the time provided by the original poison pill that was in place when Suncor made the offer. Suncor is challenging the new poison pill in an ASC hearing today, saying it played by the rules of the original poison pill and has already given Canadian Oil Sands plenty of time, having made the offer on Oct. 5 with an expiry date of Dec. 4. Suncor also warns, in a new affidavit filed with the ASC, that there is "a very real and distinct possibility that the Suncor offer will not be extended" if the new poison pill is allowed to stand. This would mean a "bleak" future for Canadian Oil Sands shareholders, argues Suncor. Canadian Oil Sands would presumably deny that, particularly because (as it trumpeted in its own affidavit) it has 25 other parties sniffing around and four of them have signed confidentiality agreements. That is one of the reasons it wants more time: to draw out a rival bid. Suncor says there has actually been "a paucity of interest" in Canadian Oil Sands. It acknowledges the four confidentiality agreements, but says there is "no evidence" that any of the parties are close to a binding commitment.

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