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Energy Summary for Dec. 2, 2019

2019-12-02 20:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 79 cents to $55.96 on the New York Merc, while Brent for February lost $1.51 to $60.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.56 to WTI, down from a discount of $19.65. Natural gas for January added five cents to $2.33. The TSX energy index lost 1.02 points to close at 130.40.

Li Ka-shing's Husky Energy Inc. (HSE) lost nine cents to $9.58 on 12.9 million shares, after slashing its near-term spending plans and confirming hundreds of layoffs. It did not phrase it exactly like that, of course; president and chief executive officer Rob Peabody spoke pleasantly of how the revised plans would "build upon our improved 2019 performance" and "set the stage for significant free cash flow growth." This is nonetheless the second time this year that Husky has had to rein in its spending. The company is now expecting to spend $500-million less in 2020/2021 than was suggested in the five-year plan that it outlined at its investor day in May. At that same investor day, the company separately announced a total of $1.7-billion in planned reductions from 2019 to 2023.

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