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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery added $1.14 to $48.86 on the New York Merc, while Brent for May added 89 cents to $51.81 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI ($34.36), unchanged. Natural gas for April added four cents to $2.98. The TSX energy index added 5.76 points to close at 200.08.
Penn West Petroleum Ltd. (PWT) added 27 cents to $2.19 on 6.53 million shares, pleasing investors with its 2016 financials. President and chief executive officer David French dubbed 2016 "a year of reshaping and rebuilding." A more accurate description would be another year of reshaping and rebuilding. This time two years ago, Penn West looked very different, with production of nearly 100,000 barrels a day, ambitious spending plans (including a generous dividend) and a balance sheet straining under the weight of nearly $2.5-billion in long-term debt. The company then chopped its spending, suspended its dividend, and sold $800-million worth of assets in 2015 and another $1.4-billion in 2016. Among the assets it sold in 2016 were its once-core Saskatchewan properties. Penn West now has three core areas, all in Alberta. Its production has gone down by about two-thirds, averaging 38,500 barrels a day during the fourth quarter of 2016, and its long-term debt at the end of the quarter was just $469-million.
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