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Energy Summary for Oct. 14, 2022

2022-10-14 20:50 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $3.50 to $85.61 on the New York Merc, while Brent for December lost $2.94 to $94.57, both benchmarks notching a weekly decline on continuing recession fears (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.70 to WTI, down from a discount of $27.43. Natural gas for November lost 29 cents to $6.45. The TSX energy index lost 8.30 points to close at 237.27.

Jeff Tonken's Montney-focused Birchcliff Energy Ltd. (BIR) lost 93 cents to $10.86 on 7.65 million shares, as commodity jitters offset the news of a 20-cent special dividend. Birchcliff announced the special payout late yesterday. The company also pays a regular quarterly dividend of two cents, for a yield of 0.7 per cent. The nominal yield caused grumbling among investors, so Birchcliff told investors in May that it would hike the regular quarterly dividend all the way to 20 cents in 2023, once it makes some more progress on debt reduction. It has evidently decided that a 20-cent special dividend in the meantime will be just the thing to whet investors' appetite.

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