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Energy Summary for Jan. 11, 2021

2021-01-11 20:32 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery edged up one cent to $52.25 on the New York Merc, while Brent for March lost 33 cents to $55.66 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.02 to WTI, unchanged. Natural gas for February added five cents to $2.75. The TSX energy index lost a fraction to close at 99.49.

Colombian oil producer Parex Resources Inc. (PXT) lost five cents to $19.80 on 1.16 million shares. Today's drop aside, it has climbed from about $17.50 since the start of the year, with investors seeming to expect good things out of the quarterly operational update that arrived today. Parex pegged its fourth quarter production at 46,550 barrels of oil equivalent a day, within its guidance of 45,500 to 47,500 barrels a day. It also forecast that its production would rise to a range of 46,500 to 47,500 barrels a day in the first quarter.

Parex also provided drilling updates, some of which would have been of particular interest to two other companies. Notably, at the VIM-1 block -- a Parex-operated, 50-50 joint venture between Parex and Frontera Energy Corp. (FEC), up seven cents to $3.80 on 225,400 shares -- Parex announced an extension of the block's boundaries by 32,000 acres to the east. It cited "the estimated extent of the 2020 La Belleza discovery." The joint venturers had drilled the La Belleza-1 well last February and tested it at over 4,700 barrels of oil equivalent a day, with plans at the time to drill one or two more wells by the end of the year. These plans were upended, like many during COVID-19, but today Parex said the joint venturers are getting back to work with a two-well program during the second quarter of this year.

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