Issue 45 – The Oil Patch Continues to Pump Out Cash

Last week, we looked at the mixed bag of earnings reports from mega-cap technology stocks. This week, we return north of the border to catch up on Canada’s largest oil and gas companies who reported results between October 28 – November 3.

The trials and tribulations of the fossil fuel industry are well documented. In recent years, pressure from climate interests, politicos and plummeting prices for crude provided a significant headwind for growth. As a means of survival, many companies reigned in capital expenditures and prioritized protecting the balance sheet over spending to grow future production. Who can blame them? Fast forward to today’s reality where the Ukraine-Russia conflict has disrupted global energy markets by driving European gas prices through the roof.


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By Charles Marleau CIM® and William Mitchell CIM®

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By Charles Marleau CIM® and William Mitchell CIM®