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Energy Summary for Nov. 15, 2017

2017-11-15 20:31 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 37 cents to $55.33 on the New York Merc, while Brent for January lost 34 cents to $61.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.40 to WTI ($40.93), unchanged. Natural gas for December lost two cents to $3.08. The TSX energy index lost 1.03 points to 192.22.

Montney producer ARC Resources Ltd. (ARX) fell 18 cents to $15.91 on 2.85 million shares. Since releasing its third quarter results and 2018 guidance last Thursday, its stock has fallen by $1.86 from $17.77. ARC set a capital expenditure budget of $690-million for 2018, down significantly from $830-million for 2017. Shareholders were likely not expecting such a difference, because for the last few months, ARC has been hyping its plan to increase production by 50,000 barrels of oil equivalent a day over 2-1/2 years. (For context, ARC produced 114,265 barrels a day in the first half of this year.) Now, the company has toned down its 2-1/2-year production expansion talk. First, it has given itself a lower target: It plans to increase production by "approximately 40,000 to 50,000" barrels a day over 2-1/2 years. Second, for 2019, it plans to keep its capital budget "consistent" with (meaning "about as low as") the 2018 budget. Third, it has made a minor adjustment to its timeline: It aims to complete the phase 4 expansion of its gas-processing and liquids-handling facility in Dawson in 2020, previously "early 2020."

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