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Energy Summary for May 10, 2024

2024-05-10 18:41 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $1.00 to $78.26 on the New York Merc, eking out a small weekly gain, while Brent for July lost $1.09 to $82.79, for an equally small weekly loss (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, up from a discount of $13.50 to WTI. Natural gas for June lost five cents to $2.25. The TSX energy index added 2.15 points to close at 299.65.

Energy investors ended the week sifting through stacks of first quarter financials. They winced at the $14-million net loss reported by Baytex Energy Corp. (BTE), down 41 cents to $4.72 on 27.2 million shares. A year earlier, the Alberta and Texas oil producer earned $51-million, but it swung to a loss this time as its accountants piled on hefty depletion charges. These stemmed largely from last summer's takeover of Ranger Oil in the Texas Eagle Ford. While the takeover nearly doubled Baytex's production, the assets have higher future development costs and thus a higher depletion rate than its other properties.

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I think many would like to hear your thoughts on FEC's 1st Qtr call Thursday announcing they have hired Goldman to break up the company and sell off the parts in hopes they are worth substantially more than the pieces. They own a large modern $billion port soon hooked to a refinery, 35% of Colombia largest pipe called ODL and have broken out Frontera Colombia from Frontera Guyana and each part is for sale. They are totally controlled by Catalyst Capital who owns about 41% of the shares and add in Gramercy Funds who own about 12%. Current market cap is about $550mmU$. Surely, they can sell the parts for more than $550mm thus almost zero downside risk. Your thoughts would add an interesting take. It has been a while to see a story where a venture capitalist breaks up a company to sell.

Posted by Scott Nelms at 2024-05-11 07:27