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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery added three cents to $48.78 on the New York Merc, while Brent for May added two cents to $51.76 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.55 to WTI ($35.23), up from a discount of $14.50. Natural gas for April added five cents to $2.95. The TSX energy index lost 1.17 points to close at 198.84.
Saskatchewan oil producer Spartan Energy Corp. (SPE) lost four cents to $2.53 on 12.3 million shares, more than giving back the three cents it added yesterday after releasing its year-end 2016 financials. These showed the effects of five separate acquisitions done in 2016, at a total cost of over $860-million. The largest was the $700-million acquisition of all of the Saskatchewan assets of ARC Resources Ltd. (ARX: $18.88). This deal added 7,500 barrels of oil equivalent a day. It closed in December and therefore did not have much of an effect on Spartan's fourth quarter production, which averaged 15,750 barrels a day (up from 9,319 barrels a day a year earlier). With ARC's assets now firmly in hand, Spartan is aiming for average production of at least 21,080 barrels a day in 2017.
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