18:28:05 EST Thu 14 Nov 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Energy Summary for Nov. 7, 2019

2019-11-07 20:36 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 December delivery added 80 cents to $57.15 on the New York Merc, while Brent for January added 55 cents to $62.29 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.00 to WTI, down from a discount of $21.88. Natural gas for December lost six cents to $2.77. The TSX energy index added 5.48 points to close at 136.00.

Jim Riddell's Alberta Montney and Duvernay producer, Paramount Resources Ltd. (POU), shot up 64 cents to $6.28 on 1.2 million shares, its first time closing above $6 since September. It released its third quarter financials and a fourth quarter guidance update this morning. The third quarter financials were slightly worse than analysts had expected, with average production of 81,046 barrels of oil equivalent a day and cash flow of 39 cents a share, compared with analysts' predictions of 81,900 barrels a day and 40 cents a share. That partly reflects choppy timing. A scheduled maintenance outage affected some of Paramount's production in July, which was followed by a relatively strong August and then a somewhat weaker September, until new wells began to be put on production toward the end of that month. Paramount is expecting all this activity to support high production in the fourth quarter. In addition, citing below-budget operations year to date, Paramount has decided to drill an extra 10 Montney wells this year (previously scheduled for next year) while leaving its budget unchanged at $350-million. The end result is a tightening in the fourth quarter production guidance to a range of 87,000 to 90,000 barrels a day from a range of 85,000 to 90,000 barrels a day.

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

© 2019 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.