But things are looking up. The Candian benchmark, Western Candian Select (WCS) has risen from under $31 per barrel a year ago, to more than $58 per barrel today.
"Although oil prices have rebounded and even exceeded pre-pandemic levels, producers are prioritizing rebuilding their balance sheets, paying down debt and returning cash to shareholders," Kevin Birn, vice president and head of Canadian oil market at IHS Market, said, adding that "These trends, which will delay a rise in upstream spending in the oil sands, factored into the reduction in the IHS Markit long-term growth expectation."
===============
CPG added to their balance sheet.... (shell) have not started a NCIB in like 2 years... and have taken money away from the shareholders.... so this is why the SP of CPG is where it is... and why there are so many shorts on this stock... it seems the shorts are telling us they do not see this changing anytime soon... or the total short amount would be going down not up... and the SP if CPG would also be going up... and when I mean up like $7-$8 at the current price of oil... but wait you did hear during the last year they gave themselves a bunch of warrnats right ?