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Energy Summary for May 28, 2020

2020-05-28 20:16 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 90 cents to $33.71 on the New York Merc, while Brent for July added 55 cents to $35.29 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.60 to WTI, unchanged. Natural gas for July added 11 cents to $1.83. The TSX energy index lost 1.23 points to close at 79.15.

U.S.-focused shale producer Ovintiv Inc. (OVV) edged down 12 cents to $11.50 on 4.83 million shares, after making two tweaks at the top. It is appointing 10-year director Peter Dea as chairman, replacing Clayton Woitas, who is retiring. Meanwhile, Mike McAllister is also retiring, just eight months after his promotion to president.

For Mr. Woitas, 71, this curtain call comes after a number of turns in the energy spotlight. He became a director of Ovintiv (then EnCana) in 2008. At the time, he was fairly fresh off the 2006 sale of his Profico Energy Management for $1.1-billion, staging what was arguably one of the oil patch's greatest comebacks. Previously, Mr. Woitas had built but then bruised his reputation while leading Renaissance Energy, a former high flier that landed in the dumps in 2000 and was picked off by Husky Energy Inc. (HSE: $4.19). Then came Profico. Mr. Woitas got Profico going with a 2001 financing at about $8 a share; by the time of its sale in 2006, those shares were worth around $200. (The buyer, Focus Energy Trust, was itself bought two years later for $1.7-billion by Enerplus Corp. (ERF: $3.85).)

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