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Higher oil prices don’t shake industry talk on spending discipline at CAPP conference

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CAPP,Oil And Gas,Oil Prices

The price of oil has been on a steady climb all year, but the talk at Canada's biggest oil and gas conference is still focused on spending discipline.

WATCH ABOVE: The Calgary Chamber of Commerce says the federal oil and gas emissions cap could hurt the value of the Trans Mountain pipeline. As Kabi Moulitharan explains, it's the latest group to push back, saying the plan will hurt the economy. – Mar 27, 2024Industry leaders at the Canadian Association of Petroleum Producers conference, held in Toronto this year, have been emphasizing their predictability and focus on returning money to shareholders, rather than talk of growth.Inc.

Kruger has been working to standardize operations and create a steadier production plan, in contrast to some of the more rushed decisions when growth was the answer to all of the industry’s questions.The early development of the Fort Hills oilsands site, for example, saw mine plans that had slope angles too steep, and not enough was done to check for water issues, in what were fairly short-sighted decisions made to feed the processing plant faster, he said.

Cenovus Energy Inc. CEO Jon McKenzie said his company is planning restrained and strategic growth, focused on reducing bottlenecks and finishing shelved projects.

 

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