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Energy Summary for Dec. 12, 2019

2019-12-12 20:08 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 42 cents to $59.18 on the New York Merc, while Brent for February added 48 cents to $64.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.35 to WTI, up from a discount of $20.53. Natural gas for January added nine cents to $2.33. The TSX energy index added 2.82 points to close at 138.86.

U.S.-focused shale producer EnCana Corp. (ECA) added 20 cents to $5.52 on 13.2 million shares, as it pressed forward with its plans to move its headquarters to Denver from Calgary, change its name to Ovintiv Inc. and roll back its shares 1 for 5. It announced this morning that it has filed a definitive proxy statement/prospectus with U.S. and Canadian regulators. As well, it confirmed (as previously disclosed on SEDAR) that it will hold a special meeting on Jan. 14 to seek two-thirds shareholder approval. EnCana's board is unanimously recommending that shareholders vote in favour. It claims that the proposal serves "to further create shareholder value and to recognize the company's significant transformation" since late 2013/early 2014, when it was predominantly a gas producer in Canada. Now less than half of its production is gas and it spends about four-fifths of its budget in the United States.

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