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Energy Summary for Nov. 2, 2017

2017-11-02 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 24 cents to $54.54 on the New York Merc, while Brent for January added 13 cents to $60.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.90 to WTI ($41.64), unchanged. Natural gas for December added five cents to $2.94. The TSX energy index lost a fraction to close at 195.86.

Alberta- and Saskatchewan-focused Whitecap Resources Inc. (WCP) lost 11 cents to $9.50 on 2.67 million shares. It had doubtless hoped for a happier reaction to the news that it is increasing its dividend, in a show of confidence in "our ability to generate free funds flow and our commitment to return cash to our shareholders," as it triumphantly declared. The announcement came alongside its third quarter financials, which showed production of about 57,900 barrels of oil equivalent a day and cash flow of 32 cents a share, just as analysts had predicted. Whitecap patted itself on the back for being "once again able to deliver another strong quarter." It is so optimistic about its prospects that it is raising its monthly dividend to 2.45 cents from 2.33 cents, for a new yield of 3.1 per cent.

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