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Energy Summary for May 25, 2020

2020-05-25 20:21 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets were closed for Memorial Day. West Texas Intermediate crude for July delivery added 47 cents to $33.72 in electronic trading on the New York Merc, while Brent for July added 40 cents to $35.43 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.00 to WTI, up from a discount of $9.60. Natural gas for June lost two cents to $1.71. The TSX energy index lost a fraction to close at 78.79.

The week got off to a surprising start for North American, European and Australian oil and gas producer Vermilion Energy Inc. (VET), which lost 25 cents to $6.90 on 2.18 million shares, after announcing that its management structure is about to be almost as widespread as its assets. President and chief executive officer Tony Marino is stepping down with immediate effect. He had served as CEO since 2015 and before that was president and chief operating officer. His predecessor as CEO, Lorenzo Donadeo (who co-founded Vermilion in 1994), had become chairman in 2015 and is now upgrading to executive chairman. Instead of appointing a new CEO, Vermilion is returning to an older management model and appointing an executive committee that will comprise five or more members. These will include a new president, who is not actually all that new: Curtis Hicks is coming back, barely two years into his retirement. Mr. Hicks was previously Vermilion's executive vice-president and chief financial officer until he retired in April, 2018, after 15 years with the company. Now he will become its president.

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