“I don’t think anyone in our industry should take any pleasure in seeing our industry peers, you know, having challenges, whether it’s by political decree or otherwise,” Cenovus president and CEO Alex Pourbaix said on an investor call Thursday. “But, yeah, directionally those are helpful for the Canadian industry.”
But the COVID-19 pandemic and oil price crash in 2020 caused a “massive disruption in capital spending” by U.S. producers last year, Pourbaix said. The fallout from that oil price crash and the election of Biden “create the opportunity for a positive situation for Canadian heavy.” “This is certainly the most exhaustively reviewed project in the history of pipelines from an environmental perspective,” Pourbaix said. “You’re already seeing the impact on thousands of workers in Canada and the U.S. It certainly was not happy news and I think unnecessary, unwarranted and damaging for both countries.”Alex Pourbaix, Cenovus CEO
“The large majority of our production we can find a home for and we no longer need to sell at Hardisty and be exposed to that light-heavy differential in the province,” Pourbaix said.
I've got another 'tragedy' for you climate destroying dinosaurs to cry over.