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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery lost 77 cents to $50.76 on the New York Merc, while Brent for April lost seven cents to $60.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI ($36.51), up from a discount of $14.35. Natural gas for April added 7.2 cents to $2.84. The TSX energy index lost a fraction to close at 221.38.
The big oil patch news of the day was Canadian Natural Resources Ltd. (CNQ), which added $1.86 to $38.64 on 10.8 million shares, after releasing its year-end financials and raising its dividend -- only slightly, but in quite a show of confidence. The company's fourth quarter earnings tripled to $1.19-billion from $413-million a year earlier. Production for the quarter was 860,920 barrels of oil equivalent a day, slightly under analysts' predictions of 873,182, but despite this, cash flow per share came to $2.16, surpassing analysts' predictions of $2.05. The company nudged its quarterly dividend up to 23 cents from 22.5 cents, for a yield of 2.4 per cent.
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