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by Stockwatch Business Reporter
West Texas Intermediate crude for March delivery gained 74 cents to $61.34 on the New York Merc, while Brent for April lost three cents to $64.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.45 to WTI ($34.89), unchanged. Natural gas for March lost a fraction of a cent to $2.58. The TSX energy index lost 1.58 points to 171.04.
Cenovus Energy Inc. (CVE) fell 52 cents to $9.36 on 18 million shares after releasing its 2017 financials. Although the company's president and chief executive officer, Alex Pourbaix, is "extremely pleased" by Cenovus's performance in 2017, investors do not quite share his extreme pleasure. They were likely expecting to learn more details about Cenovus's debt reduction plans, for instance if Cenovus had a target amount, but instead Mr. Pourbaix urged them (in a conference call this morning) not to get "too focused on a dollar amount." Indeed, last year, Cenovus aimed to raise between $4-billion and $5-billion from non-core asset sales to raise money to pay down debt, but it ended up raising only $3.7-billion. It was able to pay off a $3.6-billion bridge facility, leaving $8.9-billion worth of net debt at the end of 2017.
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