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Energy Summary for April 1, 2024

2024-04-01 19:11 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 54 cents to $83.71 on the New York Merc, while Brent for June added 42 cents to $87.42 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.30 to WTI, up from a discount of $16.60. Natural gas for May added eight cents to $1.84. The TSX energy index added 3.36 points to close at 288.49.

Baytex Energy Corp. (BTE) added 16 cents to $5.05 on 8.35 million shares, closing above $5 for the first time all year. The Alberta- and Texas-focused oil producer has closed a $575-million (U.S.) note offering. This offering, initially set at $500-million (U.S.) but quickly increased, will allow Baytex to refinance other debt, particularly through the planned redemption of $409-million (U.S.) worth of other notes due in 2027.

Separately, Baytex notched a different kind of milestone as it entered the second quarter. Late March marked the end of the third and final lockup period for the 162 million shares that it issued to Juniper Capital last summer, as part of the $2.9-billion takeover of the Texas-based Ranger Oil. The first lockup expired in September and Juniper wasted no time selling 51 million of the shares at $5.65. It did not do any selling at the end of the second lockup in December, but by then Baytex's shares had slumped by over $1. The end of the third lockup, right as the shares fight their way back above $5, is naturally causing some chatter about the possibility of further sales.

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