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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 39 cents to $71.00 on the New York Merc, while Brent for April added 37 cents to $74.66 (all figures in this para U.S.). Despite today's gains, both benchmarks notched their third weekly loss in a row. Western Canadian Select traded at a discount of $12.70 to WTI, down from a discount of $11.90. Natural gas for March lost 10 cents to $3.30. The TSX energy index added 1.43 points to close at 268.92.

Canada's largest condensate producer, the Montney-focused ARC Resources Ltd. (ARX), added $1.25 to $25.90 on 7.06 million shares, pleasing investors with its year-end financials. It toasted record fourth quarter production of 382,300 barrels of oil equivalent a day. This brought the full-year average to 347,900 barrels a day -- a hair short of full-year guidance (350,000 to 360,000 barrels a day), but ARC reminded investors that it deliberately shut in some of its gas output in the third and fourth quarters because of weak gas prices, denting its full-year average by about 10,500 barrels a day. Investors were in a forgiving mood upon seeing what the remaining barrels brought into ARC's coffers. The company reported cash flow of $1.30 a share for the quarter, nicely ahead of analysts' predictions of $1.22 a share.

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