Canadian Oil And Gas Spending Plummets 54%

mentalfloss

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
39,816
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Uh oh.

'Impossible breakevens'. So polite.


Canadian Oil And Gas Spending Plummets 54%

Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens.

Canada’s capital spending fell 54% in Q2, to $3.88 billion, according to Statistics Canada. This is down from $8.46 billion in Q1 2020 and $8.59 billion in Q4 2019.

https://oilprice.com/Latest-Energy-...ian-Oil-And-Gas-Spending-Plummets-54.amp.html
 
H

Hoid

Hall of Fame Member
Oct 15, 2017
20,408
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Jason Kenney budget in a bit of a insolvent situation due to the $58 a bbl 2020 estimate they put on oil prices.

Always nice to have real experts calling the shots.
 
B00Mer

B00Mer

Make Canada Great Again
Sep 6, 2008
47,123
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www.canadianforums.ca
Well you to can join into a circle jerk while you celebrate people loosing their jobs, Canada's economy sinking and transfer payments not being sent from Alberta.. while you guys can pay more taxes at the pump for that Saudi oil to send us money now.. :lol:
 
Decapoda

Decapoda

Council Member
Mar 4, 2016
1,682
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mentalfloss said:
Canadian Oil And Gas Spending Plummets 54%

Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens.

Canada’s capital spending fell 54% in Q2, to $3.88 billion, according to Statistics Canada. This is down from $8.46 billion in Q1 2020 and $8.59 billion in Q4 2019.

https://oilprice.com/Latest-Energy-...ian-Oil-And-Gas-Spending-Plummets-54.amp.html
Click to expand...


From your link:

While recovery is expected at some point, it is no secret that even after the pandemic is behind it, Canada’s oil industry will continue to struggle, with pipeline projects stirring up trouble between provinces, and climate issues gaining traction.

For now, those pipeline issues have been put on the backburner while Canada’s oil production has fallen below its restrictive pipeline capacity that carries its oil to market. However, those issues will once again rear their ugly heads as the price of oil—and subsequently, the production of oil—rises.


We have only the Liberal Government and Gerry's friends at the WWF and Tides Foundation to thank for methodically engineering this outcome, but you already know that. As Alberta becomes a have not province, I'm sure the equalization equation will "balance itself" as our intellectually stunted man-child leader believes. I'm sure Quebec and the East will embrace the new formula with enthusiastic amenity and benevolence, and will be only too happy to take a haircut for the good of the environment and the country....and appeasement of Gerry's friends.
 
Jinentonix

Jinentonix

Hall of Fame Member
Sep 6, 2015
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Yeah man gooooo Green. Too bad the stupid f*cktards refuse to see that their plan to go net-zero is at the same intellectual level as bombing for peace or f*cking for virginity.


The hubris of our species and the arrogance by which it refuses to think things through will be our downfall.
 
Twin_Moose

Twin_Moose

Hall of Fame Member
Apr 17, 2017
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It's a shame, we have the third largest reserve of Oil in the world and we are denouncing it as evil, while many countries are praying they could find Oil so they don't have to be dependent on other countries.

If we doubled production we could be one of the richest countries in the world, balancing the budget by itself.
 
B

bob the dog

Council Member
Aug 14, 2020
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Like always. Short term gain for long term pain.

Always wondered why no pipeline to the closest deep water port in Churchill. No one fighting that one.
 
Twin_Moose

Twin_Moose

Hall of Fame Member
Apr 17, 2017
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They are reviewing it as we speak, the draw back is it's seasonal until the arctic is completely ice free like promised in 2013:)
 
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