Energy Summary for April 24, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 94 cents to $67.70 on the New York Merc, while Brent for June lost 85 cents to $73.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.85 to WTI ($48.85), unchanged. Natural gas for May gained four cents to $2.78. The TSX energy index lost 1.16 points to 197.64.

Oil sands producer MEG Energy Corp. (MEG) lost 13 cents to $6.36 on 4.86 million shares, adding to the two cents that it lost yesterday after announcing the retirement of its president, chief executive officer and founder, Bill McCaffrey, effective May 31. Mr. McCaffrey does not yet have a successor lined up. Company director Harvey Doerr, an engineer who previously worked at Murphy Oil for 20 years, will take over as the interim CEO of MEG Energy.

Mr. McCaffrey, 60, an engineer, founded MEG Energy in 1999 as the private McCaffrey Energy Group. He had help from two investors: his brother-in-law Steve Turner and lawyer friend Dave Wizinsky. Mr. McCaffrey bought land in the Christina Lake area, southern Athabasca region, Alberta. Eleven years later, in 2010, McCaffrey Energy was producing about 24,000 barrels of oil a day at its Christina Lake project. It then went public as MEG Energy with a $700-million initial public offering at $35. The stock traded up to its all-time high of $52 in 2011.

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