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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery lost 97 cents to $43.23 on the New York Merc, while Brent for August lost 89 cents to $46.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.10 to WTI ($32.13), unchanged. Natural gas for July added two cents to $2.91. The TSX energy index lost 3.90 points to close at 170.64.
Cenovus Energy Inc. (CVE) plunged to an intraday low of $9.10 before settling at $9.44, down 84 cents, on 18.3 million shares. It has never before gone below $10. Today was a big day for the company, as it held an eagerly awaited investor day to try to persuade shareholders of the merits of its recent $17.7-billion asset acquisition from ConocoPhillips. The stock has shed over $8 since the acquisition was announced in late March, largely because of the heavy debt and dilution involved and the fact that many of the assets are outside Cenovus's core area, the oil sands. Shareholders were thus expecting (and got) plenty of hype about the new assets at the investor day. What they were not expecting was the announcement that the man who spearheaded the deal, president and chief executive officer Brian Ferguson, will be leaving the company. His departure will take effect Oct. 31, 2017, although he will stick around until March 31, 2018, to serve as an adviser.
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