The Cenovus Christina Lake oilsands facility
Canadian producers positioned to ride out the downcycle
The country’s upstream players have demonstrated resilience to low oil prices and are well positioned to prosper despite a volatile market
Canadian oil and gas companies have shifted strategy and emerged as extremely competitive entities over the past several years. Canadian Natural Resources Ltd. (CNRL), Cenovus Energy and Suncor Energy, in particular, have shown high resilience to low oil prices, allowing them to acquire additional assets on the cheap on the downcycle but capping oil production growth in Canada at a moderate pace. “Canadian oil producers are relatively well positioned to navigate higher volatility and lower crude price periods versus the global competition,” Travis Wood, managing director for energy at Canada’s National Bank Capital Markets, told Petroleum Economist. The major reasons for Canada’s relative ad
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