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Energy Summary for Feb. 22, 2024

2024-02-22 19:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added 70 cents to $78.61 on the New York Merc, while Brent for April added 64 cents to $83.67 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.55 to WTI, up from a discount of $19.60. Natural gas for March lost four cents to $1.73. The TSX energy index added 2.09 points to close at 255.83.

U.S. Bakken producer Enerplus Corp. (ERF) added $1.90 to $24.10 on 11.7 million shares. It released a barrage of announcements -- including its year-end financials -- but there was really only one responsible for today's jump: its acceptance of a $3.75-billion (U.S.) takeover offer. Enerplus has agreed to a cash-and-share takeover at $18.42 (U.S.) a share by fellow Bakken player Chord Energy Corp. (U.CHRD: $162.86). The combined company will be worth $11-billion (U.S.), including debt, and will be one of the largest producers in the region.

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