13:03:15 EDT Thu 28 Mar 2024
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Energy Summary for March 6, 2017

2017-03-06 20:30 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 13 cents to $53.20 on the New York Merc, while Brent for May added 11 cents to $56.01 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.30 to WTI ($38.90), down from a discount of $13.60. Natural gas for April added seven cents to $2.90. The TSX energy index added 1.56 points to close at 203.44.

B.C. Montney gas producer Painted Pony Petroleum Ltd. (PPY) added three cents to $6.60 on 2.17 million shares, after lowering its spending plans for 2017 and 2018, one week after telling investors that it was "prudently reviewing" those plans. The company previously indicated that it would spend $319-million in 2017 and $385-million in 2018. Now, citing the recent drop in gas prices, Painted Pony has chopped those figures to $288-million and $216-million, respectively. It is now aiming to produce 43,000 barrels of oil equivalent a day in 2017, down from the previous target of 48,000 barrels a day. As for 2018, Painted Pony's old production target, which went unmentioned in the press release but was previously available on the company's website, was 72,000 barrels a day. The new target is 60,000.

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