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Energy Summary for May 9, 2024

2024-05-09 19:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 27 cents to $79.26 on the New York Merc, while Brent for July added 30 cents to $83.88 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.50 to WTI, up from a discount of $13.80. Natural gas for June added 11 cents to $2.30. The TSX energy index added 2.15 points to close at 299.65.

The quarterly flood of financials churned along and finally produced a splash. Colombian oil producer Parex Resources Inc. (PXT) added 93 cents to $24.60 on one million shares, after releasing its first quarter financials, gushing over a new "top oil-producing well" and nudging up its dividend. Its new quarterly payout of 38.5 cents (up from 37.5 cents) represents a yield of 6.3 per cent.

The quarter was not without its bumps. Production averaged 53,300 barrels of oil equivalent a day, a drop from 57,300 barrels a day in the fourth quarter, reflecting yet another temporary shut-in caused by recurring "social protests" in the Northern Llanos region. These protests are generally directed at the Colombian government, but affect numerous companies in the area, given the protesters' fondness for blocking roads (disrupting deliveries of food, equipment and so on). Parex already warned shareholders about the latest disruption in February. As a result, production was in line with analysts' predictions. Cash flow of $1.43 (U.S.) slightly exceeded predictions of $1.40 (U.S.) a share.

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