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Canada’s oil sands investments are a waste of capital and have no… S&P places oil on negative watch due to industry risks CALGARY — Canada’s oil and gas producers are expected to maintain spending discipline in 2021 as optimism from stronger oil prices is offset by fears of weak demand due to new strains of the COVID-19 pandemic. Big changes in spending plans are unlikely as senior members of the energy industry roll out fourth-quarter results over the next few weeks, starting with oilsands and refining giants Imperial Oil Ltd. and Suncor Energy Inc. next week, said analyst Matt Murphy of Tudor Pickering Holt and Co. on Wednesday. Nor does he expect surprises on Thursday when oilsands producer Cenovus Energy Inc. unveils its first capital budget after buying rival Husky Energy Inc. in an all-shares deal at the end of 2020 — a deal expected to potentially result in more than 2,000 layoffs. "It’s still a very uncertain near-term demand picture," said Murphy in an interview. "There’s optimism, somewhat cautioned with the near-term uncertainties, but as we look back on a very challenging 2020, the view for 2021 and beyond is certainly looking quite a bit more optimistic." Benchmark […]
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