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Energy Summary for April 17, 2020

2020-04-17 20:28 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $1.48 to $18.27 on the New York Merc, while Brent for June added 26 cents to $28.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI, up from a discount of $15.00. Natural gas for May added six cents to $1.75. The TSX energy index added 4.83 points to close at 63.08.

Despite the drop in benchmark North American oil prices, several Canadian energy companies posted double-digit percentage gains today, such as Canadian Natural Resources Ltd. (CNQ) (up $1.93 to $18.74), MEG Energy Corp. (MEG) (up 44 cents to $2.73), Crescent Point Energy Corp. (CPG) (up 14 cents to $1.34) and NuVista Energy Ltd. (NVA) (up 13 cents to 65 cents). Spirits may have been buoyed by the rollout of federal support for the energy sector. Prime Minister Justin Trudeau announced this morning that Ottawa is making $1.7-billion available to help clean up and decommission orphan wells (inactive wells whose owners have gone under). "Our goal is to create immediate jobs in these provinces while helping companies avoid bankruptcy and supporting our environmental targets," said Mr. Trudeau. He added that the government continues to look into measures to expand credit support for medium-sized energy companies.

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Hse has a billion common shares issued and so with a common share dividend of 50 cents , cash draw is just over $500 million and not the billion you mentioned above.

They did stop dividend on the commons in 2016, but continued to pay dividends On the various cumulative preferred shares during the period.

Otherwise good daily summary as per usual.

Posted by Hugh Thorne at 2020-04-19 13:55