https://www.cbc.ca/news/business/cenovus-oilsands-cuts-1.4903385
One of the country's largest oilsands players, Cenovus Energy, is urging the Alberta government to implement "temporary" production cuts across the oil sector as Canadian crude prices continue to struggle.
Refinery startups won’t help. The problem is not being able to get any additional oil out. This includes light, conventional, synthetic- look at the discounts for all Alberta oil.
Will startup of Whiting and Detroit Marathon refineries help? Good thing CVE is reservoiring oil to avoid selling at the large discount.
That’s what I’m worried about. We’re so in trouble to make it through two quarters of this will be very tough. If not impossible. Lay offs are inevitable by years end. But don’t worry our executives will all be safe and sound.
Sad and embarrassing. Someone needs to put this company out of its misery.