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Energy Summary for July 29, 2020

2020-07-29 20:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 23 cents to $41.27 on the New York Merc, while Brent for September added 53 cents to $43.75 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.15 to WTI, down from a discount of $10.00. Natural gas for August added five cents to $1.85. The TSX energy index added 1.63 points to close at 78.26.

The energy bankruptcy club is adding another member. Denbury Resources Inc. (U:DNR), a NYSE-listed U.S. oil producer with over 55,000 barrels a day of production in the Gulf Coast and Rocky Mountain regions, announced this morning that it expects to file voluntary Chapter 11 petitions today or tomorrow. It has entered a restructuring support agreement with creditors whereby it would eliminate roughly $2.1-billion (U.S.) in debt. Total debt at the end of 2019 was about $2.3-billion (U.S.), with roughly half of that due to mature by mid-2022. Denbury set the bankruptcy clock ticking just a month ago when it skipped an $8-million (U.S.) interest payment, followed by a $3-million (U.S.) skipped payment earlier this month. The stock, which once traded at a high of $40 (U.S.) in 2008, was halted today at just 24 U.S. cents.

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