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Energy Summary for Feb. 9, 2024

2024-02-09 19:06 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 62 cents to $76.85 on the New York Merc, while Brent for April added 56 cents to $82.19, both figures notching a weekly gain on global geopolitical tensions (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.25 to WTI, up from a discount of $19.55. Natural gas for March lost seven cents to $1.85. The TSX energy index lost a fraction of a point to close at 238.20.

Canada's largest condensate producer, the Montney-focused ARC Resources Inc. (ARX), added 82 cents to $21.31 on 4.71 million shares, pleasing investors with its year-end financials. Production during the fourth quarter averaged 365,200 barrels of oil equivalent a day, while cash flow came to $1.16 a share. Both figures surpassed analysts' predictions of 357,000 barrels a day and $1.10 a share.

Toasting its "operating momentum," management reiterated the 2024 guidance that it released in November. It said the recent cold weather will not affect its full-year production target of 350,000 to 360,000 barrels a day (even though it expects its first quarter output to be roughly 10,000 barrels a day lower than that). As well, unlike other gas producers that recently trimmed their budgets (namely Birchcliff Energy Ltd. (BIR: $5.25) and Advantage Energy Ltd. (AAV: $9.12)), ARC is leaving its budget intact at $1.75-billion to $1.85-billion.

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