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Sector Update: Energy; Surge Energy, Whitecap Resources Report Q4 Results

By: MT Newswires
Posted: 3/20/2014 1:21:00 PM
Referenced Stocks:

Energy shares were mixed in afternoon trading. The S&P/TSX Energy index was 0.4% despite falling crude oil and natural gas prices .

Talisman Energy (TLM.TO): +1.8%

Whitecap Resources (WCP.TO): -1.2%

Surge Energy (SGY.TO): +2.2%

Gran Tierra Energy (GTE.TO): +6.3%

Suncor (SU.TO): -0.1%

Canadian Natural (CNQ.TO): +1.2%

In corporate news, Surge Energy said Thursday that Q4 net loss was C$2.8 million, or C$0.02 per diluted share, which would have been better than the Capital IQ consensus of C$0.03 loss per diluted share, if comparable. Year-earlier net loss was C$68.2 million, or C$0.96 per diluted share. Total sales increased to C$73.5 million from C$49.4 million.

For 2014, the board of directors has approved a capital budget of C$116 million, plus an additional C$42 million for the investment in the Block of Longview shares.

Also, Whitecap Resources reported Q4 net loss of $0.01 per diluted share compared to a net profit of $0.06 a year earlier. The company said it is on track to meet its first quarter and annual production forecasts. To date it has drilled 75 (64.0 net) wells with nine drilling rigs operating. It expects to drill and complete an additional 4 (3.9 net) wells for an estimated total of 79 (67.9 net) wells for the quarter with all wells expected to be on production prior to or during the spring break-up period.