Today’s energy and equity market action:
- Brent and WTI declined again on Thursday.
- Cdn benchmarks drop 3%, as discounts to WTI little changed.
- Gasoline falls 2%, while heating oil and Henry Hub declines 1%.
- Energy once again worst performing sector on TSX and SPX.
Today’s notable energy news:
- PSAC lowers 2019 drilling forecast, as investment dollars flee Canada.
- Trident Exploration ceases operations and abandons 4,700 wells.
- ExxonMobil sanctions US$2B expansion of Baytown chemical plant.
- AltaGas sell stake in Stonewall Gas Gathering System to DTE Energy.
Today’s notable first quarter earnings results:
- Suncor posts $1.5B profit, as output rises 10% to 764,300 boe/day.
- Painted Pony posts $2.6M loss, as output rises 4% to 54,389 boe/day.
- Baytex Energy posts $11M profit, as output tops 100,000 boe/day.
- Bonavista Energy posts $40M loss, as output falls 8% to 67,000 boe/day.
- Crew Energy posts $6.2M profit, as output rises 4% to 23,222 boe/day.
- Parkland Fuel posts $91M profit, as revenues rise 26% to $4.2B.
- Altagas posts $809M profit, and reduces debt by $1.7B.
