14:50:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Energy Summary for Jan. 14, 2019

2019-01-14 20:26 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.08 to $50.51 on the New York Merc, while Brent for March lost $1.49 to $58.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.55 to WTI, up from a discount of $10.16. Natural gas for February shot up 49 cents to $3.59. The TSX energy index added a fraction to close at 149.65.

EnCana Corp. (ECA) edged up 11 cents to $9.07 on 8.24 million shares. Fresh SEDAR filings show that it is stepping up its effort to win shareholder approval of its largest-ever acquisition, namely its proposed takeover of Oklahoma-focused Newfield Exploration for $5.5-billion (U.S.) in shares and $2.2-billion (U.S.) in assumed debt. Investors have another month to mull the deal before casting their votes on Feb. 12. On the day the deal was announced, Nov. 1, EnCana's stock had its largest-ever single-day fall, dropping to $11.80 from $13.44. It has since fallen even further to $9.07. The drop reflects the size of the acquisition, the fact that Newfield's assets are relatively early stage and in a new area for EnCana, and EnCana's reluctance to reveal too many details about the combined company's plans at this point. A couple of firm promises have been made -- notably, EnCana says it will increase its 1.5-U.S.-cent monthly dividend by 25 per cent and buy back $1.25-billion (U.S.) worth of its shares in 2019 -- but operationally, details have been scant. EnCana's president and chief executive officer, Doug Suttles, said during the conference call on Nov. 1 that the company would wait to release its 2019 guidance until after the deal was safely closed.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed