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Energy Summary for Nov. 3, 2022

2022-11-03 21:05 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.83 to $88.17 on the New York Merc, while Brent for January lost $1.49 to $94.67 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.70, up from a discount of $30.10. Natural gas for December lost 29 cents to $5.98. The TSX energy index added 6.81 points to close at 270.88.

It was another day, another shower of rewards for energy investors. Today's additions to the parade of third quarter financials and bumper profits included oil sands giant Canadian Natural Resources Ltd. (CNQ: $82.44), which included the news that it is hiking its dividend for the second time this year. The new quarterly payout of 85 cents (up from 75 cents) represents a yield of 4.1 per cent. Meanwhile, Canada's largest gas producer, Tourmaline Oil Corp. (TOU: $81.55), hiked its quarterly dividend to 25 cents from 22.5 cents (for a yield of 1.2 per cent) and declared a special dividend of $2.25. South of the border, ConocoPhillips boosted its quarterly dividend to 51 U.S. cents (from 46 U.S. cents) and announced a near-doubling of its share buyback program to $45-billion (U.S.).

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