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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery lost seven cents to $63.46 on the New York Merc, while Brent for April lost 16 cents to $66.88 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.05 to WTI, down from a discount of $10.95. Natural gas for April lost two cents to $2.76. The TSX energy index lost 3.40 points to close at 112.41.
It was another day, another multibillion-dollar net loss reported in the energy sector, as the industry headed into the busiest part of the year-end 2020 reporting season. Today the honour went to Baytex Energy Corp. (BTE), down 10 cents to $1.23 on 27 million shares. It pegged its full-year net loss for 2020 at $2.43-billion. This largely reflected $2.36-billion in impairment charges. The headline-grabbing loss aside, Baytex's financials were best described as middling. The company reported fourth quarter production of 70,500 barrels of oil equivalent a day and cash flow of 15 cents a share. Those figures were roughly in line with analysts' predictions of 71,200 barrels a day and 14 cents a share.
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