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Energy Summary for May 14, 2019

2019-05-14 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 74 cents to $61.78 on the New York Merc, while Brent for July added $1.01 to $71.24 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.83 to WTI, down from a discount of $12.65. Natural gas for June added four cents to $2.66. The TSX energy index added 3.12 points to close at 153.34.

Oil sands producer MEG Energy Corp. (MEG) added 10 cents to $5.49 on 2.86 million shares. Just one week after declaring that it would soon nominate three new directors to its board at its next annual meeting, it has identified the nominees and scheduled the meeting for June 13. The proposed newcomers are Grant Billing, Ian Bruce and Judy Fairburn.

Mr. Billing, a chartered professional accountant, is the former chief executive officer of Superior Plus Corp. and the current chairman of Tervita Corp. He did a short stint as interim CEO of Tervita's predecessor (of the same name) in 2017, when Tervita was a private company backed by the distress fund manager Solus Alternative Asset Management. In 2018, Tervita went public through a reverse takeover of Newalta Corp., creating the largest energy-focused waste and environmental services provider in Canada. In addition to serving as chairman of the now public Tervita, Mr. Billing is also a director of Badger Daylighting Ltd.

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