09:16:33 EDT Fri 23 Aug 2019
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Energy Summary for Feb. 8, 2019

2019-02-08 20:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added eight cents to $52.72 on the New York Merc, while Brent for April added 47 cents to $62.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.43 to WTI, down from a discount of $9.36. Natural gas for March added three cents to $2.58. The TSX energy index lost 1.35 points to close at 144.69.

Myron Stadnyk's Alberta and B.C. Montney producer, ARC Resources Ltd. (ARX), added 71 cents to $9.55 on 8.19 million shares, after releasing its fourth quarter financials. Production for the quarter came to 136,502 barrels of oil equivalent a day, slightly ahead of analysts' predictions of around 134,900 barrels a day. Cash flow of 59 cents a share exceeded analysts' predictions of 54 cents a share. "ARC's business performance continued to impress in 2018," cheered ARC's president and chief executive officer, Mr. Stadnyk, who patted the company on the back for its "exemplary" project management skills. Further praise was forthcoming from Scotia Capital analyst Patrick Bryden. In addition to lauding ARC's "strong quarter both operationally and financially," Mr. Bryden was a fan of the company's simultaneously released year-end reserve report, which he dubbed "impressive." The company added 2P (proved and probable) reserves of 118 million barrels during the year, replacing 245 per cent of production. Mr. Bryden kept his "sector outperform" rating on ARC and his price target of $16.

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