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Energy Summary for July 8, 2019

2019-07-08 20:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 15 cents to $57.66 on the New York Merc, while Brent for September lost 12 cents to $64.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.88 to WTI, up from a discount of $13.15. Natural gas for August lost two cents to $2.40. The TSX energy index lost 1.08 points to close at 137.56.

U.S. and Canadian shale producer EnCana Corp. (ECA) lost 14 cents to $6.33 on 11.2 million shares, after announcing an asset sale and a formalized share buyback program. Both are related to the company's $5.5-billion (U.S.) takeover of Newfield Exploration in February. To try to sell investors on the massive deal, EnCana dangled a handful of carrots, including a promise to buy back $1.25-billion (U.S.) worth of shares in 2019. The bulk of that program was to be accomplished through a normal course issuer bid that EnCana began in March. Over the following three months, it bought back 149.4 million shares -- the maximum allowable amount under the bid -- for a total of $1.03-billion (U.S.). It said last month that it would make up the difference through a special buyback program worth up to $213-million (U.S.). Now it has firmed up the details. The program will be done by way of a modified Dutch auction, through which shareholders will have until Aug. 14 to choose their tender price, and EnCana will then review the tenders and pick the lowest price that will allow it to buy back the maximum number of shares. The ultimate price will be somewhere between $4.70 (U.S.) and $5.40 (U.S.) a share.

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