From Reuters today. One company with cash to spend is Bonterra Energy Corp, a conventional oil producer extracting 13,500 barrels of oil equivalent per day.
It faced an existential threat in 2020 when the COVID-19 pandemic crushed oil prices. A government-backed loan helped sustain it and as prices rebounded, Bonterra repaid the loan, along with C$150 million in debt during the past year as of the third quarter.
Bonterra expects to pay off its remaining C$38 million bank debt by the third quarter 2023, and still have options like initiating a dividend, raising production or repaying debt further, Chief Executive Officer Pat Oliver told Reuters.
"It's been a radical transformation of balance sheets over the last couple of years, an amazing turnaround from where we were," Oliver said.
Canadian Natural Resources, the country's biggest oil producer, said on Nov. 30 that it will raise shareholder returns to 80% to 100% of free cash flow from 50%, once it reduces net debt to C$8 billion. An analyst said this would likely happen late next year.
https://www.reuters.com/