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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery lost $2.22 to $56.59 on the New York Merc, while Brent for July lost $2.58 to $66.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.50 to WTI, up from a discount of $17.30. Natural gas for July lost eight cents to $2.55. The TSX energy index lost 2.13 points to close at 144.12.
Mike Rose's Alberta and B.C. Montney gas producer, Tourmaline Oil Corp. (TOU), lost 32 cents to $17.38 on 1.79 million shares, despite unveiling the latest update to its five-year plan. The company tweaks this plan fairly frequently, although it does not usually make a big song and dance of it. The decision to do so now reflects a sizable increase in forecast free cash flow. Tourmaline is now expecting $3.05-billion in free cash flow over the five years, a 38-per-cent increase over the most recent estimate of $2.21-billion. Worth noting (although Tourmaline did not) is that the estimate prior to that, as of February, 2019, was $2.51-billion, so the increase is just 21 per cent if measured from that starting point -- noteworthy, but not quite as impressive.
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