This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery lost $1.01 to $49.16 on the New York Merc, while Brent for October lost 87 cents to $51.78 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.20 to WTI ($38.96), unchanged. Natural gas for September added three cents to $2.82. The TSX energy index lost 1.27 points to close at 176.45.
Baytex Energy Corp. (BTE) added 13 cents to $3.63 on 5.77 million shares, after releasing its second quarter financials and tightening its full-year production guidance for the second time this year. Cash flow for the quarter came to 35 cents a share, slightly ahead of analysts' predictions of 34 cents a share. Production of 72,812 barrels of oil equivalent a day exceeded Baytex's own forecast of 72,500 barrels a day. President and chief executive officer Ed LaFehr patted Baytex on the back for "substantially grow[ing] production largely within funds from operations." The key word there is "largely." Baytex generated about $165-million in cash flow during the first half of the year, while spending about $175-million. It will ease back a bit during the second half of the year. According to its new guidance, Baytex now plans to spend a total of $310-million to $330-million this year, a decrease from its previous budget of $325-million to $350-million. Its full-year production forecast is now 69,000 to 70,000 barrels a day. This is narrower than the previous range of 68,000 to 70,000 barrels a day, which itself was narrower than the original guidance of 66,000 to 70,000 barrels a day.
The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS
© 2024 Canjex Publishing Ltd. All rights reserved.