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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 83 cents to $56.92 on the New York Merc, while Brent for April added 63 cents to $67.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI, unchanged. Natural gas for March lost three cents to $2.64. The TSX energy index added a fraction to close at 157.13.

The Americans giveth and the Americans taketh away. Less than a week after the Canadian oil patch got a boost from "Oracle of Omaha" Warren Buffett, whose Berkshire Hathaway took a 10.8-million-share position in Suncor Energy Inc. (SU: $45.24), a different U.S. player has decided to exit Canada altogether. Oklahoma-based Devon Energy Corp. has announced its decision to pursue "strategic alternatives" for its Canadian business. More specifically, it is looking to sell or possibly spin off all of its Canadian assets by the end of this year. As of the fourth quarter of 2018, the Canadian business, which largely consists of the Jackfish oil sands project and some conventional heavy oil production in Alberta, was producing 120,000 barrels of oil equivalent a day, or about one-fifth of Devon's total production. This percentage is down from about one-quarter in 2017, in part because Devon decreased its Canadian output during 2018 because of weak prices. It says its U.S. oil assets enjoy higher prices and lower costs. Thus Devon becomes the latest foreigner to say goodbye to Canada. Other companies that have reduced or exited their Canadian positions in the last few years include Shell, ConocoPhillips, Murphy Oil, Norway's Equinor and France's Total.

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