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Energy Summary for July 28, 2021

2021-07-28 20:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 74 cents to $72.39 on the New York Merc, while Brent for September added 26 cents to $74.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.95 to WTI, unchanged. Natural gas for August added seven cents to $4.04. The TSX energy index added a fraction to close at 124.84.

U.S. shale producer Ovintiv Inc. (OVV) lost $1.62 to $32.65 on 1.03 million shares, as investors found more to frown than smile about in its second quarter financials. The headline-grabbing number was the surprise net loss of $205-million (U.S.), or 79 U.S. cents a share. Analysts had been forecasting a profit of $1.04 (U.S.) a share. A painful $799-million (U.S.) in hedging losses dragged Ovintiv deep into the red. Unfazed, chief executive officer Doug Suttles patted Ovintiv on the back for having "perform[ed] exceptionally well." So confident is the company, in fact, that it has decided to hike its quarterly dividend to 14 U.S. cents from 9.375 U.S. cents, for a yield of 2.2 per cent.

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