Canada’s Oil Industry Doomed If Prices Fall Lower

Canada’s oil industry has faced a lot of strain lately. The
list of oil majors selling off assets and withdrawing from
high-cost oil sands is long. ConocoPhillips, Royal Dutch Shell,
Marathon Oil, Murphy Oil and Statoil have sold upwards of $25
billion worth of oil sands assets this year. ExxonMobil also wrote
down more than 3.5 billion barrels of oil reserves in Canada at the
beginning of 2017. The companies viewed Alberta’s bitumen and heavy
oil as no longer competitive in a $50 market, and many of them are
focusing on other types…

Canada’s oil industry has faced a lot of strain lately. The
list of oil majors selling off assets and withdrawing from
high-cost oil sands is long. ConocoPhillips, Royal Dutch Shell,
Marathon Oil, Murphy Oil and Statoil have sold upwards of $25
billion worth of oil sands assets this year. ExxonMobil also wrote
down more than 3.5 billion barrels of oil reserves in Canada at the
beginning of 2017. The companies viewed Alberta’s bitumen and heavy
oil as no longer competitive in a $50 market, and many of them are
focusing on other types…