14:36:15 EST Sun 23 Feb 2020
Enter Symbol
or Name

Login ID:

Energy Summary for Sept. 10, 2019

2019-09-10 20:34 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 45 cents to $57.40 on the New York Merc, while Brent for November lost 21 cents to $62.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.13 to WTI, down from a discount of $11.96. Natural gas for October lost one cent to $2.58. The TSX energy index added 3.02 points to close at 134.11.

Cross-border shale producer EnCana Corp. (ECA) reached an intraday high of $6.38 before reversing course and closing at $6.17, down three cents, on 16.7 million shares. It has made some changes at the top. Most notably, it has promoted executive vice-president and chief operating officer Mike McAllister to the role of president. The current president and chief executive officer, Doug Suttles, will remain CEO.

Mr. McAllister, an engineer by background, joined EnCana about 20 years ago and quickly made his mark with a geological gamble in the Western Canadian foothills. Long-time investors will recall that in the early 2000s, the prospects for Western Canadian energy were thought to be waning, until a massive gas play in northeastern British Columbia reignited excitement all over the province. It was known as Cutbank Ridge. In September, 2003, bids in this play drove a record monthly land sale for B.C. (surpassing even Alberta's record, at the time). One bidder swept up nearly all of the parcels. Its identity was kept secret at first, but soon it emerged that EnCana, and particularly Mr. McAllister as vice-president of the B.C. division, had placed a large bet on Cutbank Ridge, following months of analyzing data from exploration wells. All of this ultimately led to a multibillion-dollar Cutbank Ridge joint venture with Mitsubishi. More generally, Mr. McAllister is viewed as instrumental in developing EnCana's overall position in the Alberta/B.C. Montney, now one of its core plays.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.