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Energy Summary for March 8, 2018

2018-03-08 21:04 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.03 to $60.12 on the New York Merc, while Brent for May lost 73 cents to $63.61 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.30 to WTI ($35.82), unchanged. Natural gas for April lost two cents to $2.76. The TSX energy index lost a fraction to 170.20.

Mike Rose's Tourmaline Oil Corp. (TOU) gained 59 cents to $19.89 on 1.49 million shares, adding to the 30 cents that it gained yesterday after releasing its financials. The company patted itself on the back for generating cash flow of $1.2-billion in 2017, up from $732-million in 2016. This year, it plans to spend $1.1-billion on its capital programs and then expects to have $251-million cash left over. Of this amount, Tourmaline will spend $87-million on dividend payments. It will pay its first-ever dividend of eight cents a share, for the first quarter of 2018, on March 29. The company first mentioned the possibility of paying a dividend in October, 2015, but in the two years that followed, it said nothing more. Finally in November, 2017, Tourmaline announced its plan to pay an eight-cent quarterly dividend. Based on today's closing price, the dividend represents a yield of 1.6 per cent.

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