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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 50 cents to $53.76, while Brent for March added 43 cents to $56.89 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.00 to WTI ($37.76), unchanged. Natural gas for February added one cent to $3.27. The TSX energy index lost 1.28 points to close at 221.84.

Penn West Petroleum Ltd. (PWT) added nine cents to $2.53 on 3.41 million shares, after finalizing its 2017 guidance, meeting some year-end 2016 targets but missing others, and making another big change at the top. The 2017 guidance revolves around the Cardium, Viking and Peace River areas of Alberta. These areas contributed 25,000 barrels of oil equivalent a day in the fourth quarter of 2016, following a second-half drilling program that, as forecast, boosted their production by over 3,000 barrels a day. In August, and again in November, Penn West said it would likely spend $150-million in 2017 in order to increase production from the three core assets by at least 10 per cent on a fourth-quarter-to-fourth-quarter basis.

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