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CALGARY – North America’s largest pipeline company Enbridge Inc. believes spending is projected to ramp back up in the oilsands, after taking a hit during the height of the COVID-19 pandemic.
“Did COVID change the oil markets? I think it did, yes,” Enbridge president and CEO Al Monaco said Wednesday at an investment conference hosted virtually by Scotiabank and the Canadian Association of Petroleum Producers.
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“It did drive consolidation, capital and operating discipline and that’s probably what the industry needed,” Monaco said, referring to a wave of mergers and acquisitions across the upstream oil and gas industry in recent months, including Cenovus Energy Inc.’s purchase of Husky Energy Inc., ARC Resources Ltd.’s purchase of Seven Generations Energy Ltd. as well as multiple deals by
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BP PLC delivered an upbeat outlook this week ahead of its first-quarter financial results later this month. Is there an upbeat takeaway for Canada’s energy sector, too?
Although it didn’t disclose its quarterly earnings, the British-based energy giant said higher energy prices, strong trading revenue and the successful sale of assets helped the company reduce its net debt to about US$35-billion during the quarter – putting it about a year ahead of schedule for debt reduction and setting up the prospect of share buybacks this year.
iPolitics By iPolitics. Published on Apr 8, 2021 10:40am U.S. President Joe Biden in January (Twitter Photo: @POTUS)
The Lead
The Treasury Department estimates that eliminating subsidies for fossil fuel companies would create more than $35 billion in tax revenue over the coming decade. It also said the current subsidies undermine energy independence, hinders the fight against climate change, and harms air and water quality across the country, especially in communities of colour.
“Tax preferences for oil, gas and coal producers today decrease their tax liabilities relative to other firms,” the Treasury said in a statement. “Fossil fuel companies additionally benefit from substantial implicit subsidies, since they sell products that create externalities but they do not have to pay for the damages caused.”
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CALGARY – As oil prices rise, more Canadian oil and gas companies are striking deals to buy and sell their competitors and the frothy market has begun luring in foreign private equity players into the domestic oil patch.
Cenovus Energy Inc. president and CEO Alex Pourbaix said Tuesday that his company may look to resume asset sales that were paused in bear markets in previous years.
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He said Cenovus asked Husky’s management team to pause its planned sale of Husky’s retail fuel business last year during a period of low oil prices when the two companies were negotiating their $24-billion merger.