TORONTO – Western Canadian oil and gas executives travelled en masse to the country’s financial centre to drum up more investor interest in their business Tuesday, but the industry continues to be hurt by a lack of enthusiasm in the sector and concerns about future returns.
Forrest spoke at the symposium in Toronto sponsored by The Bank of Nova Scotia, whose loan book is the most exposed to the energy industry among the country’s big banks. Investment in the domestic energy sector is trending toward being 30 per cent lower this year than it was last year. “The sentiment in the industry is very poor right now,” said Myles Bosman, vice-president, exploration and chief operating officer at Birchcliff Energy Ltd.
Share prices and trading volumes in Canadian oil and gas names have fallen to a level where even some mid-sized companies “are now beginning to slip below liquidity thresholds for some larger funds,” said Tudor, Pickering, Holt and Co. analyst Jordan McNiven.
Blazingcatfur Steps need to be taken before money from outside of Canada feels safe within the Canadian oilpatch. purpleline
monica_barona Really? Wonder why? Read our report.
Half the problem will be gone tonight.
ericnuttall Good! It means I can buy more free cash flow at cheap prices while I wait for the hoi polloi to wake up. See you Brent $80/bbl.
The world is still dependent on oil. Newest oilsands tech has GHG's at or below conventional drilling, and getting better. While alt energy sources will increase, oil is still going to be used for decades to come. Bowing down to ignorant rhetoric should not be our energy policy
Partly market forces and partly the fact our own government actively and vocally attacks the industry.
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