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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost four cents to $47.55 on the New York Merc, while Brent for October added seven cents to $50.80 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.05 to WTI ($37.50), unchanged. Natural gas for September lost two cents to $2.94. The TSX energy index lost a fraction to close at 172.04.

Pengrowth Energy Corp. (PGF), a sizable investment of the billionaire Seymour Schulich (who owns 109 million of its 552 million shares), lost three cents to 73 cents on 2.52 million shares. It has arranged an agreement in principle with some of its creditors. The company has been in negotiations with its creditors since last year, and more generally has been striving to deal with its debt since about mid-2015, when it announced its desire to sell $600-million worth of non-core assets within just six months. At the time it owed about $2-billion. It did not actually accomplish its six-month sales goal, but over the years it has managed to sell enough assets to halve its debt to about $1-billion as of June 30, 2017. That figure is courtesy of the second quarter financials that were also released yesterday after the close. They were worse than analysts had predicted, but only slightly so, and in any case Pengrowth was far more interested in talking up its debt-reduction efforts. These efforts, according to president and chief executive officer Derek Evans, will help the company "unlock [its] long-term growth potential."

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