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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery lost 59 cents to $56.07 on the New York Merc, while Brent for May lost 56 cents to $65.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.91 to WTI, down from a discount of $10.90. Natural gas for April was unchanged at $2.87. The TSX energy index lost 3.37 points to close at 151.61.
Jim Riddell's Alberta Montney and Duvernay producer, Paramount Resources Ltd. (POU), lost 61 cents to $7.41 on 1.45 million shares, on top of the 90 cents it lost yesterday after releasing its 2018 financials and 2019 guidance. Neither was particularly inspiring. As Paramount warned back in November, it faced several problems during the fourth quarter of 2018, from shut-ins to pipeline outages to lower-than-forecast sales. These prompted Paramount in November to decrease its full-year 2018 production guidance to a range of 85,000 to 86,000 barrels of oil equivalent a day (from a range of 88,000 to 92,000). Although Paramount achieved the revised target, producing an average of 85,941 barrels a day in 2018, the stock is still being punished for the initial cut.
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