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by Stockwatch Business Reporter
West Texas Intermediate crude for February delivery added 20 cents to $52.31 on the New York Merc, while Brent for March added 68 cents to $61.32 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.47 to WTI, up from a discount of $9.55. Natural gas for February lost 12 cents to $3.38. The TSX energy index lost a fraction to close at 151.47.
Mike Rose's B.C. and Alberta gas producer, Tourmaline Oil Corp. (TOU) added 50 cents to $18.55 on 2.86 million shares, after reducing its 2019 budget but keeping its production guidance intact. Tourmaline now plans to spend about $1.22-billion, down from the $1.3-billion that it announced in early November. The decrease reflects lower well costs and a reduction in the number of planned delineation wells. These moves are not expected to affect Tourmaline's 2019 production target, which remains 300,000 barrels of oil equivalent a day. (About four-fifths of that will be gas. Despite its "Oil"-y name, Tourmaline is one of Canada's largest gas producers.) If necessary, said Tourmaline, it could trim another $30-million to $50-million from its budget without affecting its 2019 production, although this would likely affect its production in 2020. The current informal production target for 2020, according to the five-year plan on Tourmaline's website, is 322,000 barrels a day.
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