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Energy Summary for Feb. 8, 2016

2016-02-08 19:49 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.20 to $29.69 on the New York Merc, while Brent for April lost $1.18 to $32.88 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.20 to WTI ($15.49), up from a discount of $14.25. Natural gas for March added 7.7 cents to $2.14. The TSX energy index lost 3.78 points to close at 151.57.

Canadian Oil Sands Ltd. (COS) lost 18 cents to $8.78 on 3.18 million shares. Its all-share takeover by Suncor Energy Inc. (SU: $31.57) is all but a done deal, with Suncor announcing that 72.9 per cent of Canadian Oil Sands' shares were tendered by the deadline of Friday evening. Suncor has extended the offer to Feb. 22 so that the rest of the shareholders can tender. They might as well do so because if they do not, they will not get Suncor's first quarter dividend. All the shareholders will receive consideration of 0.28 of a Suncor share for each Canadian Oil Sands share. (Back when the original offer was made, in early October, the consideration was 0.25 of a share -- an "undervalued, opportunistic and exploitive" price, or so Canadian Oil Sands grumbled for months. Markets then turned so nasty that Suncor had only to raise its price by a fraction for Canadian Oil Sands to suddenly declare that it was all in favour of the buyout.) Meanwhile, no time has been wasted in overhauling Canadian Oil Sands' management and board. Ryan Kubik has been replaced as president and chief executive officer by Sandy Martin, Suncor's vice-president of strategy and commercial development. Canadian Oil Sands also has a new chief financial officer (Jolienne Guillemaud, Suncor's vice-president and treasurer) and an all-new, Suncor-affiliated board with five members (half the previous size). It includes new chairman Harry Roberts, who was executive vice-president and CFO of Petro-Canada before its merger with Suncor, at which point he became Suncor's senior vice-president of integration until his retirement in 2010.

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