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Energy Summary for Dec. 17, 2019

2019-12-17 17:58 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 73 cents to $60.94 on the New York Merc, while Brent for February added 76 cents to $66.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.55 to WTI, unchanged. Natural gas for January lost two cents to $2.32. The TSX energy index added 2.56 points to close at 142.27.

B.C. and Alberta producer Pengrowth Energy Corp. (PGF) edged up three-quarters of a cent to six cents on 14 million shares. Decision day is almost at hand: Tomorrow afternoon, at a special meeting in Calgary, investors are scheduled to vote on Pengrowth's proposed takeover by the private Cona Resources. The takeover price is $740-million, but virtually all of that represents the assumption of debt; only a token amount of five cents a share (or about $28-million total) will go into shareholders' pockets. Considering that the shares were trading at 20 cents before the takeover was announced, and were once worth over $26 at their peak of 2006, the nickel buyout has not proved especially popular. Pengrowth's board supports the deal and has published approving advisory reports from Glass Lewis and ISS, but there is still plenty of grumbling.

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