05:06:38 EDT Fri 29 Mar 2024
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Energy Summary for Feb. 10, 2016

2016-02-10 20:10 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 49 cents to $27.45 on the New York Merc, while Brent for April added 52 cents to $30.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.85 to WTI ($13.60), down from a discount of $13.75. Natural gas for March lost 5.2 cents to $2.046. The TSX energy index lost 3.84 points to close at 140.57.

Today marks the start of the fourth quarter reporting season for most junior and intermediate producers. Birchcliff Energy Ltd. (BIR: $4.92) and ARC Resources Ltd. (ARX: $16.60) are scheduled to release their results after the close, and many more will follow until around mid-March. Analysts have been busily scouring their crystal balls. Yesterday, the analysts of RBC Capital Markets released a 16-page "Q4/15 Preview," full of such insights as, "[W]e wouldn't be surprised to see select producers guide to reduced spending in 2016." Among their (slightly) more specific forecasts are that ARC Resources, Bonavista Energy Corp. (BNP: $1.75) and TORC Oil & Gas Ltd. (TOG: $4.78) will "revise" or "update" their dividends. (They mean "lower." The dividend yields of those companies are 7.2 per cent, 6.8 per cent and 11.3 per cent, respectively.) Meanwhile, on Monday, the analysts of Barclays released their 22-page list of predictions, which included dividend warnings for ARC, Bonavista, Crescent Point Energy Corp. (CPG: $13.66) and Enerplus Corp. (ERF: $3.84), along with debt warnings for five companies "which could potentially breach [their debt covenants] as early as Q2." These companies are Bonavista, Enerplus, Baytex Energy Corp. (BTE: $2.36), Pengrowth Energy Corp. (PGF: $0.91) and Penn West Petroleum Ltd. (PWT: $1.01). SEDAR filings indicate that those five companies had a combined debt load of over $8.5-billion as of Sept. 30, 2015, against a combined market cap (as of today) of about $2.6-billion.

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