Crude curtailment boosts Albertan producers' profits
Higher prices more than offset Western Canada restrictions on production
Canadian independents Cenovus Energy and Canadian Natural Resources Limited (CNRL) have won big since Alberta's crude curtailment programme began in January, with both posting strong second quarter profits. Executives from the two firms were among the loudest voices lobbying the Alberta government to adopt a crude curtailment programme last autumn, after Western Canadian oil prices fell through the floor. Western Canadian Select dropped from a peak above $55 in May to a trough below $13 in November—due to a lack of route-to-market capacity from the region. CNRL wanted higher crude prices so it would have the cashflow to continue purchasing oil sands assets, available at bargain-basement pric
Also in this section
10 September 2024
The August/September issue of Petroleum Economist is out now!
10 September 2024
The third part in the second chapter of our history of oil looks at the US shale revolution and ‘declaration of cooperation’ that created OPEC+
9 September 2024
We pick up the story of the history of oil with the response of consumer countries to the 1973 embargo, with the creation of the IEA proving the adage that every action has a reaction
9 September 2024
Continuing our 90th anniversary deep dive into the history of oil, the first part of our second chapter covers the post-war world and the beginnings of OPEC
