Canadian oil firms fight back
The sector’s biggest companies staunched some of their losses across the second quarter, but the results still made for depressing reading
The Canadian oil patch performed much better than expected in the second quarter. Firms took swift and dramatic action in March and April to slash capital spending, and in many cases dividends, to protect their balance sheets. Despite a massive collapse in revenue, combined losses for the country’s five largest oil and gas producers—Canadian Natural Resources (CNRL), Suncor Energy, Cenovus Energy, Imperial Oil and Husky Energy—were less than a quarter of what they were in the first three months of the year. All five indicated plans to maintain capital spending discipline and low levels of drilling through to at least the end of this year, given continuing Covid-related market uncertainty, an
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
