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Energy Summary for June 27, 2016

2016-06-27 20:30 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.31 to $46.33 on the New York Merc, while Brent for August lost $1.25 to $47.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI ($32.93), unchanged. Natural gas for July added 5.4 cents to $2.716. The TSX energy index lost 5.05 points to close at 179.48.

Penn West Petroleum Ltd. (PWT) lost four cents to $1.72 on 3.27 million shares, despite boosterish attention from an RBC analyst, who dubbed it the "comeback kid" of the oil patch following its "jumbo" Saskatchewan asset sale. RBC's Greg Pardy, who raised his price target on the stock to $2 from 90 cents, liked the $975-million price tag for the sale, which closed on Friday. He added that the sale has eliminated any debt concerns on the horizon. Penn West's president and chief executive officer, Dave Roberts, had much the same to say at the company's annual shareholder meeting late last week. "This year marks the beginning of a new Penn West," he declared. The new version will focus entirely on Alberta and will have a much sturdier balance sheet. Mr. Roberts calculated that Penn West has managed to reduce its debt by $3.4-billion since he arrived almost exactly three years ago, on July 1, 2013, thanks in large part to asset sales. It now has a few more assets that it wants to sell by year-end, and then it will be able to march toward its "bright future," said Mr. Roberts.

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