Canada Oilpatch Profits Vastly Outpacing Spending—at Least for Now: Deloitte
Canadian oil producers saw a 68 percent surge in operating profits between the first and second quarters of this year, but capital spending hasn’t kept anywhere near the same pace, says a new report from Deloitte Canada. The consulting firm notes that crude prices have experienced “considerable volatility” in recent months due to the Middle […]
Canadian oil producers experienced a significant 68% increase in operating profits from the first to the second quarter of this year. This surge in profits occurred amidst considerable volatility in crude prices, influenced by the Middle East war. Despite the windfall, capital spending by these producers has not matched the pace of profit growth.
- Canadian oil producers’ operating profits increased by 68% between Q1 and Q2.
- Capital spending has not kept pace with the rise in profits.
- Crude prices have been volatile, fluctuating significantly due to the Middle East war.
- High prices have resulted in a windfall for Canada’s oil producers.
- The oil sector was the largest contributor to non-financial industry profits in Q2.
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