12:38:57 EDT Tue 21 May 2019
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Oil Summary
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Energy Summary for March 7, 2019

2019-03-07 20:14 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added 44 cents to $56.66 on the New York Merc, while Brent for May added 31 cents to $66.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.90 to WTI, down from a discount of $10.84. Natural gas for April added three cents to $2.87. The TSX energy index added a fraction to close at 154.98.

Saskatchewan oil producer Crescent Point Energy Corp. (CPG) reached an intraday low of $3.67 before closing at $3.94, down 14 cents, on 17.9 million shares. This morning, it disclosed a 2018 net loss of $2.62-billion -- more than its current market cap of $2.01-billion. The hefty loss partly reflected a $2.73-billion after-tax writedown of the value of Crescent Point's assets. This writedown is "not related to underlying asset performance" and will not affect cash flow, emphasized president and chief executive officer Craig Bryksa. Furthermore, he pointed out that Crescent Point exceeded its 2018 guidance by producing 178,166 barrels of oil equivalent a day (compared with the targeted 177,000 barrels a day) while spending $38-million less than its $1.77-billion budget. In the fourth quarter, production averaged 178,198 barrels a day and cash flow came to 61 cents a share, beating analysts' predictions of 175,000 barrels a day and 58 cents a share. Mr. Bryksa kept up the optimism during a conference call this morning. He acknowledged that the struggling company has a long way to go (especially if it wants its $3.67 stock to head back anywhere near its mid-2014 high of over $48), but the results reported today are "a good step in that direction."

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