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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery gained three cents to $62.60 on the New York Merc, while Brent for May gained 25 cents to $65.79 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.30 to WTI ($38.30), unchanged. Natural gas for April gained five cents to $2.75. The TSX energy index lost a fraction to 172.15.

Oil and gas producers had a mixed day. Crescent Point Energy Corp. (CPG) lost five cents to $8.99 on 5.51 million shares, and Crew Energy Inc. (CR) lost 13 cents to $1.70 on 3.35 million shares. Meanwhile, Spartan Energy Corp. (SPE) gained 11 cents to $5.46 on 2.26 million shares, and MEG Energy Corp. (MEG) gained three cents to $5.05 on 1.74 million shares.

Baytex Energy Corp. (BTE) gained 13 cents to $3.69 on 12 million shares, pleasing investors as well as analysts with its full-year financials. The company appears to have benefited more from rising oil prices than other oil producers have. Baytex earned $87.17-million on revenue of $1.09-billion in 2017, a year in which WTI averaged $50 (U.S.). In 2016, when WTI averaged $43 (U.S.), Baytex lost $485-million on revenue of $780-million. The company's higher revenue in 2017 was not the result of a boost in production, because production rose only slightly to 70,242 barrels of oil equivalent a day in 2017 from 69,509 barrels a day in 2016. About half of Baytex's production comes from the Texas Eagle Ford, while the rest comes from Alberta's Peace River and Lloydminster areas. (Baytex managed to increase production, albeit slightly, despite being affected by tropical storm Harvey and despite having to shut in some of its Alberta production while AECO prices were too low last year.) Baytex's president and chief executive officer, Ed LaFehr, cheered the "impressive cash-generating capability" of the company's assets.

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