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Energy Summary for June 29, 2022

2022-06-29 20:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.98 to $109.78 on the New York Merc, while Brent for August lost $1.72 to $116.26 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.25 to WTI, unchanged. Natural gas for August lost seven cents to $6.50. The TSX energy index lost 8.90 points to close at 233.00.

Oil sands giant Imperial Oil Ltd. (IMO) lost $2.21 to $61.33 on 1.26 million shares, after agreeing to sell its 50-per-cent interest in XTO Energy Canada, which produces 32,000 barrels a day from unconventional (shale) plays such as the Montney and the Duvernay. Imperial's parent company, ExxonMobil, is also selling its 50-per-cent interest in XTO. The full price tag for the subsidiary is an impressive $1.9-billion.

Imperial (and Exxon) first began marketing its interest in January, saying it wanted to prioritize its core assets in the oil sands. The decision came as little surprise: During 2020, Imperial said it no longer wanted to develop its unconventional assets, prompting a $1.17-billion year-end impairment charge. The company clarified that it would make an exception for particularly "attractive" unconventional assets, but clearly XTO did not make the cut.

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