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Energy Summary for Dec. 28, 2018

2018-12-28 20:32 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 72 cents to $45.33 on the New York Merc, while Brent for February edged up four cents to $52.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.75 to WTI, unchanged. Natural gas for February lost 34 cents to $3.30. The TSX energy index added 2.02 points to close at 136.48.

EnCana Corp. (ECA) edged up three cents to $7.94 on 8.07 million shares. It has closed the $480-million (U.S.) sale of its San Juan assets in New Mexico. This sale was announced in October and came as no surprise to investors, who had been expecting EnCana to exit San Juan ever since it took those assets off its priority list in 2014. Several other assets were rendered non-core at that time and were subsequently sold, such as the Haynesville assets in Louisiana (sold in 2015), the DJ basin assets in Colorado (sold in 2016), the Tuscaloosa marine shale assets in Louisiana and Mississippi (sold in April, 2017), and the Piceance (pronounced "pee-ants") assets in Colorado (sold in July, 2017). With the San Juan assets now jettisoned as well, EnCana has virtually no U.S. production outside of the U.S. plays that it actually likes, namely the Eagle Ford and the Permian in Texas. Those two plays, along with two core plays in Canada, the B.C./Alberta Montney and the Alberta Duvernay, contributed 364,900 of the 378,200 barrels of oil equivalent a day that EnCana produced in the third quarter.

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