This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost three cents to $71.92 on the New York Merc, while Brent for November lost 39 cents to $74.49 (all figures in this para U.S.). Despite today's drop, WTI notched its largest weekly gain (by percentage) since February and Brent its largest since April. Western Canadian Select traded at a discount of $14.30 to WTI, up from a discount of $15.60. Natural gas for October added nine cents to $2.43. The TSX energy index lost 2.39 points to close at 264.85.

Oil sands producer Suncor Energy Inc. (SU) lost 66 cents to $50.47 on 14.4 million shares. It has launched a month-long tender offer to purchase up to $800-million worth of senior notes, expiring from 2026 to 2042. A total of $700-million is earmarked for the two most expensive series of notes, with coupons of 6.5 and 6.8 per cent. The rest will be divvied up among seven series of cheaper notes.

Suncor presented the offer largely without comment. During a quarterly conference call last month, however, chief executive officer Kruger offered plenty of comments on how Suncor is "looking at all the levers ... we will be pulling ... [to] bring that net debt target forward." Officially, as announced during an investor day in May, Suncor is aiming to reach a net debt target of $8-billion in mid-2025. Yet Mr. Kruger is keen to "turn the crank" even faster. "Maybe a Christmas present," he mused during last month's call, speculating that the target could be reached by the end of this year instead.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS