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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery gained 25 cents to $60.96 on the New York Merc, while Brent for May gained 25 cents to $64.89 (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.55 to WTI ($35.41), unchanged. Natural gas for April lost six cents to $2.73. The TSX energy index lost a fraction to 170.35.
Alberta Montney producer Seven Generations Energy Ltd. (VII) gained 15 cents to $14.29 on 4.42 million shares after releasing its fourth quarter and full-year results. It boasted of being "Canada's largest producer of high-value condensate." The company produced 63,700 barrels of condensate a day in the fourth quarter of 2017, up from 43,200 barrels a day in the same quarter of the previous year. Seven Generations sold its condensate for about $68.10 a barrel. In comparison, it sold its natural gas liquids for about $24.40 a barrel and its natural gas for about $22.50 per barrel equivalent. Notably, the company sold three-quarters of its natural gas in the Midwest and the Gulf Coast, rather than Alberta, where natural gas prices are lowest. Because of all these, the company's fourth quarter cash flow was higher than analysts had predicted.
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