Canadian oil and gas companies slash capital spending by more than half, BoC survey finds

In its business outlook survey released Monday, the Bank of Canada reports that energy producers are setting aside just 40 per cent of estimated cash flow for capital expenditures, compared with an average above 100 per cent in the years prior to the pandemic.

Crude and gas prices have soared over the past year, but Canadian energy companies have not been using that revenue bonanza to invest in new projects or sites to the same extent as during previous booms. Instead they are using cash flows to shore up balance sheets and reward shareholders. The curtailment in capital spending follows last year’s decline that saw the sector’s capital expenditures drop to 60 per cent of cash flow.Article contentLook at that sharp drop in Canadian oil and gas capital expenditures....

Trudeau choked oil and gas industry. If he is not removed soon, we are 3 Rd world

I own O&G shares and I want dividends from them, not production growth. Groper Trudeau and Steven “The Human Fly” Guillbeault have clearly signalled that oil companies are redundant, so why would they invest any $ in new production?

Now's the time to make bank. The coming severe recession will reduce the need for O&G.

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