13:24:34 EDT Tue 27 Oct 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Energy Summary for March 4, 2020

2020-03-04 18:49 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 40 cents to $46.78 on the New York Merc, while Brent for May lost 73 cents to $51.13, as traders questioned whether OPEC will agree to cut oil production during its closely watched meetings tomorrow and Friday in Vienna (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.57 to WTI, unchanged. Natural gas for April added four cents to $1.80. The TSX energy index added a fraction to close at 112.01.

Canada's largest natural gas producer, Mike Rose's Tourmaline Oil Corp. (TOU), edged up 18 cents to $10.93 on 3.48 million shares, after releasing its year-end 2019 financials. These were generally better than analysts expected. Fourth quarter production of 300,000 barrels of oil equivalent a day was in line with analysts' predictions, but fourth quarter cash flow of $1.24 a share was nicely above analysts' predictions of $1.16 a share. Tourmaline emphasized its free cash flow for the year of $144.9-million. That number does not include the roughly $224-million that Tourmaline spent on property acquisitions during 2019, or the $125-million cost of the 12-cent quarterly dividend (for a yield of 4.4 per cent). Once those are factored in, cash flow was insufficient to cover spending, but Tourmaline closed the gap by spinning out a minority interest in a private royalty/infrastructure company (Topaz Energy) in November. This kept net debt relatively stable year over year at $1.7-billion.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.