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Energy Summary for Sept. 25, 2020

2020-09-25 20:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery edged down six cents to $40.25 on the New York Merc, while Brent for November lost two cents to $41.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.65 to WTI, unchanged. Natural gas for October lost 11 cents to $2.14. The TSX energy index lost 1.65 points to close at 66.18.

One of Canada's largest gas producers, Mike Rose's Tourmaline Oil Corp. (TOU), lost 53 cents to $16.60 on 1.56 million shares. It is helping to launch what will be the first significant initial public offering in the energy sector in two years. Late yesterday, Tourmaline's majority-owned royalty and infrastructure spinoff, Topaz Energy, filed a prospectus on SEDAR for a $285-million IPO at $13 to $15 a share. The exact pricing will be determined next month. It is clear, however, that Topaz's share price has held strong since Tourmaline created the spinoff about a year ago, selling an initial 26-per-cent interest for $208.5-million at $10 a share in November, 2019. This was followed by a $145.9-million financing in July, 2020, at $11 a share, dropping Tourmaline's interest to 64 per cent. Tourmaline's post-IPO interest will be clarified in the coming weeks. The IPO includes a 15-per-cent overallotment option, which could take the treasury portion of the offering up to $250-million. (The secondary offering would stay at $35-million.)

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