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Energy Summary for Feb. 18, 2021

2021-02-18 20:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.06 to $60.09 on the New York Merc, while Brent for April lost 87 cents to $63.47 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.36 to WTI, unchanged. Natural gas for March lost 15 cents to $3.06. The TSX energy index lost 1.31 points to close at 106.91.

North American shale producer Ovintiv Inc. (OVV) lost $2.46 to $26.59 on 1.23 million shares, as it continued its retreat from Canada in favour of the United States. The company is selling its Alberta Duvernay assets for $263-million (U.S.). It included the announcement as part of the wider release of its year-end 2020 financials.

The Duvernay was once part of Ovintiv's "core four," referring to its four most important plays. Two were Canadian plays (the Duvernay and the Montney) and two were U.S. plays (the Eagle Ford and the Permian). The Canadian assets were responsible for over 60 per cent of Ovintiv's production as recently as 2018. In early 2019, however, Ovintiv made a big move into the U.S. with the $7.7-billion (U.S.) takeover of Newfield Exploration in the Anadarko basin, immediately turning the U.S. into its primary production base. Its headquarters followed suit in 2020, moving to Denver from Calgary. The new sale of the Duvernay assets continues the rush out the door.

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