02:48:42 EDT Wed 07 Jun 2023
Enter Symbol
or Name

Login ID:

Energy Summary for Oct. 27, 2022

2022-10-27 20:51 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 $1.17 to $89.08 on the New York Merc, while Brent for December added $1.27 to $96.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.75 to WTI, down from a discount of $27.25. Natural gas for November lost 42 cents to $5.19. The TSX energy index lost 1.04 points to close at 257.98.

The oil sands had a headline-grabbing day as it witnessed its biggest transaction in years. Suncor Energy Inc. (SU), down 86 cents to $45.38 on 8.36 million shares, has agreed to pay $1-billion to boost its interest in the Fort Hills oil sands project to 75.4 per cent from 54.1 per cent. It will acquire the 21.3-per-cent interest owned by industrial miner Teck Resources, in what will be Teck's exit from the oil and gas sector.

Sitting at opposite sides of the table, Suncor and Teck offered very different perspectives on the deal. Suncor cheered that it "builds upon our strategy to optimize our portfolio around our core operated assets." It added that it is flush with cash to complete the deal (especially as it recently agreed to sell its wind and solar assets for $730-million and its Norwegian energy assets for $410-million). Interim president and chief executive officer Kris Smith expressed "full confidence" in the project.

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

© 2023 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.