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Energy Summary for Sept. 5, 2017

2017-09-05 20:32 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.37 to $48.66 on the New York Merc, while Brent for November added 63 cents to $53.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.15 to WTI ($36.51), unchanged. Natural gas for October lost 10 cents to $2.97. The TSX energy index added a fraction to close at 172.29.

Cenovus Energy Inc. (CVE) added 33 cents to $10.28 on 7.97 million shares, its first time over $10 in over three weeks, after agreeing to sell its Pelican Lake heavy oil assets in Alberta for $975-million. The buyer is Canadian Natural Resources Ltd. (CNQ: $39.30), making its second sizable asset purchase this year. (It previously bought most of the oil sands production of Shell and Marathon Oil for $12.7-billion in May.) The sale is part of Cenovus's plan to unload unimportant properties in order to focus on the assets it acquired from ConocoPhillips for $17.7-billion in May. Proceeds from such sales are to be used to pay down the debt taken on as part of that acquisition. Investors have been less than thrilled about the acquisition, sending Cenovus's stock down toward $10 from nearly $17.50 since the acquisition was announced in March, but the company is aiming to woo them back by tidying up its balance sheet. It previously promised to sell $4-billion to $5-billion worth of assets by year-end. Today's announcement is the first step in achieving that ambitious goal.

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