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Energy Summary for March 22, 2017

2017-03-22 20:03 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 70 cents to $48.04 on the New York Merc, while Brent for May lost 32 cents to $50.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.95 to WTI ($35.09), unchanged. Natural gas for April lost eight cents to $3.01. The TSX energy index added a fraction to close at 195.60.

Enerplus Corp. (ERF) lost 21 cents to $9.97 on 3.61 million shares, falling below $10 for the first time since November. It was trading at nearly $13 at the start of the year, but has been pummelled by falling oil prices. This has not stopped it from laying out grand plans for the next three years. In January, Enerplus said it wants to increase its production by 10 per cent annually through 2019. In February, president and chief executive officer Ian Dundas emphasized that this "organic growth" would mean an acceleration of activity in the company's core Bakken/Three Forks play in North Dakota. On March 9, Enerplus narrowed its focus on this play by agreeing to sell non-core properties in Alberta and Saskatchewan for $67.3-million. Analysts liked the move. One analyst, TD Securities' Aaron Bilkoski, recently noted that this sale was just the latest in a long line of non-core asset sales by Enerplus, and estimated that the company is now sitting on about $460-million in cash proceeds. Mr. Bilkoski mused that Enerplus could use this money to "accelerate development or pursue accretive acquisition opportunities."

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