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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery added 80 cents to $57.15 on the New York Merc, while Brent for January added 55 cents to $62.29 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.00 to WTI, down from a discount of $21.88. Natural gas for December lost six cents to $2.77. The TSX energy index added 5.48 points to close at 136.00.
Jim Riddell's Alberta Montney and Duvernay producer, Paramount Resources Ltd. (POU), shot up 64 cents to $6.28 on 1.2 million shares, its first time closing above $6 since September. It released its third quarter financials and a fourth quarter guidance update this morning. The third quarter financials were slightly worse than analysts had expected, with average production of 81,046 barrels of oil equivalent a day and cash flow of 39 cents a share, compared with analysts' predictions of 81,900 barrels a day and 40 cents a share. That partly reflects choppy timing. A scheduled maintenance outage affected some of Paramount's production in July, which was followed by a relatively strong August and then a somewhat weaker September, until new wells began to be put on production toward the end of that month. Paramount is expecting all this activity to support high production in the fourth quarter. In addition, citing below-budget operations year to date, Paramount has decided to drill an extra 10 Montney wells this year (previously scheduled for next year) while leaving its budget unchanged at $350-million. The end result is a tightening in the fourth quarter production guidance to a range of 87,000 to 90,000 barrels a day from a range of 85,000 to 90,000 barrels a day.
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