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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added seven cents to $53.18 on the New York Merc, while Brent for June added three cents to $55.89 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.55 to WTI ($43.63), unchanged. Natural gas for May added four cents to $3.23. The TSX energy index lost 3.17 points to close at 199.11.

EnCana Corp. (ECA) lost 20 cents to $15.46 on 4.76 million shares. Its ears surely pricked up at the news that ConocoPhillips will sell its assets in the San Juan basin of New Mexico for up to $3-billion (U.S.), comprising $2.7-billion (U.S.) cash and a contingency payment of up to $300-million (U.S.). EnCana also has assets in this basin that it is looking to sell, although its assets are not nearly as sizable as those of ConocoPhillips, which is the largest operator in the basin and has been there for over 50 years. Its San Juan assets produced 124,000 barrels of oil equivalent a day in 2016. Of that, about 80 per cent was gas, which is why ConocoPhillips wanted to sell. It said last fall that it was looking to reduce its exposure to North American gas. The San Juan assets were put on the chopping block, with analysts valuing them at $2.3-billion (U.S.) to $2.9-billion (U.S.). Now the assets will be sold for a pleasing $3-billion (U.S.), even if just $2.7-billion (U.S.) is guaranteed. The deal should close next quarter.

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