Low oil prices taking toll on Canadian E&P
It was almost exactly six years ago that the Canadian industry faced the kind of bleak outlook that 2015 represents. In this cyclical business, the drivers were different, but the outcomes eerily similar. Consider the following excerpt from the February 2009 issue of World Oil: “The year ahead promises to provide more stability, but in all the wrong ways. Depressed commodity prices, slumping demand, decreased spending, lower exploration and drilling activity, topped off with massive layoffs, do not provide the type of stability anyone in the oil and gas industry would like to see.”
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