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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery added $1.55 to $65.37 on the New York Merc, while Brent for July added $1.66 to $68.71 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.79 to WTI, up from a discount of $12.81. Natural gas for June lost one cent to $2.96. The TSX energy index added 3.32 points to close at 126.56.
With oil prices ending the week higher for the third week in a row, some Canadian companies are taking a chance and boosting their guidance. For the most part, the oil patch has shunned budget boosts this year, vowing that any extra cash flow resulting from higher oil prices will be used to tidy up balance sheets (or, in some cases, to buy back shares). A couple of juniors feel differently.
One is Scott Ratushny's Alberta-focused Cardinal Energy Ltd. (CJ), up 12 cents to $3.22 on 2.71 million shares. It released its first quarter financials last night and announced that it would nearly double its full-year budget to $46-million from $27-million. Investors seemed relieved. They had not particularly liked the original budget, sending the stock down when Cardinal announced the guidance in January. The company had unambitious aims of keeping production fairly flat at 17,500 to 18,000 barrels of oil equivalent a day and not drilling a single well. (Non-drilling activities, such as workovers, were planned to offset natural production declines.)
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