19:11:08 EDT Mon 17 Jun 2019
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Oil Summary
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Energy Summary for Jan. 10, 2019

2019-01-10 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 23 cents to $52.59 on the New York Merc, while Brent for March added 24 cents to $61.68 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.88 to WTI, up from a discount of $11.28. Natural gas for February lost two cents to $2.97. The TSX energy index added 1.59 points to close at 149.20.

Canada's largest condensate producer, Alberta Montney-focused Seven Generations Energy Ltd. (VII), lost 30 cents to $11.32 on 2.27 million shares. Investors did not seem to appreciate its 2019 guidance. The company is aiming to keep production flat with the 2018 level at 200,000 to 205,000 barrels of oil equivalent a day (36 to 38 per cent condensate) on a budget of $1.25-billion. This budget "strikes a reasoned balance between current production and future growth prospects," according to president and chief executive officer Marty Proctor. Of course, "reasoned balance" is not necessarily what investors have come to expect from Seven Generations. Up until now, the company has had one setting only: full speed ahead. Its production has barrelled its way up to 200,000 barrels a day in 2018 from just 7,800 in 2013. The original 2019 goal, as laid out in November, 2017, was to boost production to as much as 240,000 barrels a day. Now, however, the goal is simply to keep production flat with 2018, marking a major change of pace for the company.

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