Dollars and SenseNewsOil & Gas
Canadian oil companies have begun revealing their profits
Source: Adam Macvicar, globalnews.ca, April 2, 2020
Profits may be slightly skewed as commodity prices were favorable in January and February before crashing in March.
The oilpatch is accustomed to many ups and downs, but the situation they face now is uncharted for even the most battle-hardened veterans of the industry, since just about every aspect of the business is under severe financial strain.
Oil producers, pipeline shippers, and refineries are all struggling as there’s too much oil coming out of the ground, with not nearly enough demand or places to store it.
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