This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery lost 83 cents to $41.07 on the New York Merc, while Brent for September lost 98 cents to $43.31 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.40 to WTI, unchanged. Natural gas for August added 10 cents to $1.79. The TSX energy index lost 1.83 points to close at 79.01.
Oil sands giant Suncor Energy Inc. (SU) lost 93 cents to $23.04 on 13.2 million shares, impressing analysts but not investors with its second quarter financials. Production in the quarter averaged 655,500 barrels of oil equivalent a day, a nearly 20-per-cent drop from 803,900 barrels a day in the same period last year. This reflected Suncor's response to the COVID-19 pandemic and the associated drop in oil prices, including scaling down operations at its 54-per-cent-held Fort Hills oil sands mine. Fort Hills is designed to produce 194,000 barrels a day. In March, announcing the partial shut-in of operations, Suncor and a joint venturer at Fort Hills reckoned that the mine's 2020 production would be just 100,000 to 120,000 barrels a day. (That joint venturer is miner Teck Resources, which released its second quarter financials and, rather tellingly, did not mention Fort Hills once in the entire press release.)
The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS
© 2024 Canjex Publishing Ltd. All rights reserved.