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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 37 cents to $58.38 on the New York Merc, while Brent for February added 31 cents to $62.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.70 to WTI, up from a discount of $14.80. Natural gas for January shot up 44 cents to $4.40. The TSX energy index added 1.89 points to close at 295.38.

The oil sands unwrapped a new record just in time for the holidays. Monthly industry data show that Alberta's in situ bitumen production hit 2.0 million barrels a day in November for the very first time. This takes the year-to-date average to 1.92 million barrels a day, up from 1.84 million barrels a day in 2024, 1.76 million in 2023 and so on, continuing a mostly steady upward climb, broken briefly by a COVID-induced dip to 1.49 million in 2020.

Adam Waterous's heavy-oil-focused Strathcona Resources Ltd. (SCR) lost $10.16 to $29.00 on 663,000 shares, a drop that reflects the payment of a $10-a-share special distribution. The payout keeps a promise that Strathcona made months ago during a hostile takeover battle for oil sands producer MEG Energy. Executive chairman Mr. Waterous said in an interview that if Strathcona failed to buy MEG, it would use its considerable cash resources (gained from the multibillion-dollar sale of its Montney assets over the spring) to shower investors with a $10-a-share payout. The battle for MEG was subsequently won by Cenovus Energy Inc. (CVE: $22.97), and now the shower of cash has arrived for Strathcona's investors.

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