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Energy Summary for Feb. 19, 2021

2021-02-19 20:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.68 to $58.84 on the New York Merc, while Brent for April lost $1.30 to $62.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.36 to WTI, unchanged. Natural gas for March was unchanged at $3.08. The TSX energy index added a fraction to close at 107.06.

Canada's largest condensate producer -- and the second half of what will soon be Canada's sixth-largest energy producer across the board -- slipped after releasing its year-end 2020 financials. Seven Generations Energy Ltd. (VII), down 23 cents to $8.63 on 5.19 million shares, posted a net loss for the year of $2.15-billion. This largely reflected $2.85-billion in impairment charges. Only a $652-million tax recovery kept the bottom line from looking even uglier.

The headline-grabbing net loss aside, the financials were generally better than analysts expected. Seven Generations produced 190,100 barrels of oil equivalent a day from its Alberta Montney assets in the fourth quarter, mildly ahead of analysts' predictions of 186,000 barrels a day. Cash flow of 82 cents a share was well above analysts' predictions of 73 cents a share. Notably, the company spent about $125-million in the quarter, whereas analysts had expected it to spend over $144-million. The low spending helped it achieve free cash flow of $149-million, its highest quarterly total ever.

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