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Resurgent Canadian natgas producers look to horn in on U.S. market

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Canadian natural gas producers are bouncing back faster from the COVID-19 pandemic than battered U.S. shale firms, putting them in position to boost net gas exports to the United States for the first time in five years.

FILE PHOTO: Natural gas flares off at a production facility owned by Exxon near Carlsbad, New Mexico, U.S. February 11, 2019. REUTERS/Nick Oxford/File Photo/File Photo

Now, Canadian gas companies are putting rigs back to work and have plans this year to increase capital spending for the first time since 2014. After plunging to a 30-year low in 2020, exports to the United States could rise as much as 29% to average 5.8 bcfd this year, Goldman Sachs estimates. That would be the first increase since 2016.

Cenovus Energy Inc, Canada’s third largest oil and gas company, has earmarked around C$65 million for increased drilling starting in the third quarter. Among those cutting spending in 2021 are Cabot Oil and Gas Corp and CNX Resources Corp, two of the larger natural gas operators.

 

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