Dollars and SenseNationalNewsOil & Gas

StatCan Reports Oilpatch Capital Spending Fell by 54 per cent in Second Quarter

Source: The Canadian Press Staff, ctvnews.ca, August 28, 2020

Oil prices fell due to a global price war and the COVID-19 pandemic

CALGARY — Statistics Canada says capital spending in the country’s oil and gas sector fell by 54 per cent in the quarter ended June 30 as numerous producers chopped budgets amid sliding global oil prices.

The federal agency says the industry spent about $3.88 billion in the three-month period, down from $8.46 billion in the first quarter and $8.59 billion in the second quarter of 2019, as a global price war and demand destruction caused by the COVID-19 pandemic eroded crude prices.

Read the full article here…


For the latest information and for more updates on everything Kindersley ‘Like’ the Kindersley Social Facebook page below…

For the latest information and for more updates on everything Kindersley,
‘Like’ the Kindersley Social Facebook page!

Related Articles

Back to top button