Canada's oilfield services sector is in for "an immense amount of pain" over at least the next year thanks to low North American oil and gas exploration activity amid a worldwide glut of cheap crude, according to a report from CIBC.
Billions of dollars in lawsuits will likely result if Joe Biden is elected U.S. president this November and carries out a threat to cancel the presidential permit allowing operation of the Keystone XL pipeline, Canadian observers say.
A second outbreak of COVID-19 at an oilsands mine work camp in northern Alberta is concerning, observers say, but not even a vocal critic of the Alberta government's handling of the pandemic would shut those operations down.
Prime Minister Justin Trudeau says news that one of the world's largest investment funds will exclude four Canadian oilsands producers from consideration for investing is part of a continuing shift in global attitudes for which oil companies will have to adjust.
The CEO of Teck Resources Ltd. defended his company's growth strategy on Tuesday, May 12, 2020, as dissident shareholders criticized what they called "underperforming" investments in coal and oilsands.
A federal financing relief package for large Canadian companies was applauded by the oil and gas sector and the Alberta government on Monday, May 11, 2020, despite conditions that could link the aid to an individual company's climate change goals.
Consumer demand for fuel is growing slightly after a sudden decline due to measures to deal with the COVID-19 pandemic but the CEO of Suncor Energy Inc. says he doesn't expect a full recovery for his company or the Canadian energy sector until at least 2022.
The deep downturn in North American oil and gas drilling has resulted in nearly 3,000 fewer employees working for Precision Drilling Corp. now than at the same time last year, its CEO said on Thursday, April 30, 2020.