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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery lost $2.33 to $44.76 on the New York Merc, capping off its worst week since 2008 on continuing coronavirus fears, while Brent for April lost $1.66 to $50.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.95 to WTI, up from a discount of $14.35. Natural gas for April lost seven cents to $1.68. The TSX energy index lost a fraction to close at 115.09.
Canada's largest condensate producer, the Alberta Montney-focused Seven Generations Energy Ltd. (VII), lost 17 cents to $5.52 on 2.29 million shares, on top of the 14 cents it lost yesterday after releasing its 2019 financials. Not even higher-than-expected cash flow and promising early results from the Nest 3 area could keep the stock from hitting all-time lows. For the fourth quarter, Seven Generations' cash flow came to $1.05 a share, exceeding analysts' predictions of $1.00 a share. Production matched predictions at 208,100 barrels of oil equivalent a day. The company also highlighted results of new wells in its early-stage Nest 3 area. These wells are producing roughly the volumes that the company expected, but with 20-per-cent-higher proportions of valuable condensate.
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