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Energy Summary for Aug. 10, 2016

2016-08-10 19:58 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $1.16 to $41.47 on the New York Merc, while Brent for October lost $1.04 to $43.85 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.70 to WTI ($26.77), up from a discount of $14.90. Natural gas for September lost four cents to $2.57. The TSX energy index lost 1.05 points to close at 195.53.

Alberta Montney producer NuVista Energy Ltd. (NVA) touched an intraday high of $6.99 before settling at $6.67, up 32 cents, on 2.05 million shares. Investors liked its narrowed loss for the second quarter and its boosted production guidance for the year. Net loss came to five cents a share in the quarter, down from 14 cents a share a year earlier. Production of 23,451 barrels of oil equivalent a day was in line with analysts' predictions of 23,500 barrels a day, and cash flow of 23 cents a share was well ahead of predictions of 16 cents a share, thanks to a one-time royalty adjustment as well as lower costs. NuVista has managed to get its operating costs below the psychologically pleasing level of $10 a barrel. They were $9.66 a barrel in the second quarter, down from $10.59 in the first quarter and $12.84 in the second quarter of last year. NuVista expects further cost reductions as it continues to use more of its own infrastructure. It also says many of its wells have been doing better than expected. As a result, production is already catching up to the level it was at before a 3,200-barrel-a-day asset was sold for $70-million in June. The sale had prompted NuVista to lower its production guidance to a range of 23,500 to 24,500 barrels a day from a range of 24,500 to 25,500 barrels a day, but now the company has boosted the guidance back up to the old range.

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