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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 67 cents to $69.91 on the New York Merc, while Brent for February lost 51 cents to $72.88 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, up from a discount of $13.30. Natural gas for January added 21 cents to $3.58. The TSX energy index lost 2.03 points to close at 253.68.

With less than a week until Christmas, a couple of companies put on their Santa hats and announced presents for shareholders. Jim Riddell's Alberta Montney- and Duvernay-focused Paramount Resources Ltd. (POU) edged down 28 cents to $29.18 on 1.12 million shares, despite announcing a sizable special distribution of $15 a share. This will eat up $2.2-billion of the $3.3-billion in sale proceeds that it expects from selling the bulk of its assets to Ovintiv Inc. (OVV: $54.35). Announcing the sale last month, Paramount had promised to earmark some of the proceeds for a "meaningful cash distribution," but had not pinned down the amount until now.

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