From this morning G&M BIR Fortifying balance sheets and...
Globe says CNRL CEO McKay aims to add value
2022-04-07 08:51 ET - In the News
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BIR Close 2022-04-06 C$ 9.00
From In the News (C:CNQ) Canadian Natural Resources Ltd The Globe and Mail reports in its Thursday edition that high commodity prices are fuelling optimism in Canada's energy sector. The Globe's Emma Ganey writes that two years ago, chief executive officers watched the market plunge, spiralling in the face of a pandemic-driven drop in demand and an oil-price battle between Russia and Saudi Arabia. That has all changed, with oil prices soaring. The Canadian Association of Petroleum Producers now says Canada is in a unique position to supply fossil fuels to allies in Europe that are trying to ween themselves off Russian oil and gas. Despite their enthusiasm, various CEOs say now is not the time to let go of the economic discipline they have exercised for the past two years. Canadian Natural Resources president Tim McKay expects the company's oil-sands production to increase this year, along with modest growth in light oil and natural gas. He says it is not about growing as much as it is about adding value. Birchcliff Energy CEO Jeff Tonken doubts companies will start spending big and dramatically boost production just because of a commodity price run. Instead he sees industry players focusing on cleaning up and fortifying their balance sheets, and eliminating debt.