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Energy Summary for July 28, 2022

2022-07-28 20:06 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 84 cents to $96.42 on the New York Merc, while Brent for September added $2.22 to $106.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.00 to WTI, unchanged. Natural gas for September lost 55 cents to $8.13. The TSX energy index added 4.89 points to close at 231.56.

Energy investors waded through a flood of quarterly reports. Fortunately, there was plenty to keep their spirits up. For example, Mike Rose's Tourmaline Oil Corp. (TOU) added $4.50 to $77.93 on 4.19 million shares, after trumpeting "record" second quarter numbers and declaring itself so awash in cash that it has decided to pay a $2-a-share special dividend. It also resumed a shopping spree.

The second quarter numbers themselves were generally unsurprising. Production of 503,000 barrels a day and cash flow of $3.95 a share were both in line with analysts' predictions. Free cash flow was a record $3.25 a share, which -- as TD analyst Aaron Bilkoski pointed out in a near-worshipful research note -- is a single-quarter figure that is roughly equal to the average full-year cash flow over the past five years. Mr. Rose, chairman, president and chief executive officer, said the lofty free cash flow is what led Tourmaline to declare the $2 special dividend.

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