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Cenovus Energy Inc. on Thursday slashed its 2014 capital budget by 13 per cent compared with its 2013 budget.
Cenovus Energy Inc. on Thursday slashed its 2014 capital budget by 13 per cent compared with its 2013 budget.
(RICHARD PERRY/NYT)

Oil patch belt-tightening obscures true picture

From the headlines of the past few days, you could be excused for thinking the Canadian oil and gas industry is on a belt-tightening binge. But the oil patch, like many a wayward country on the euro zone periphery, is not naturally inclined to austerity. Some large and notable exceptions aside, it will take more than a year or two of disappointing commodity prices to quell the industry’s thirst for growth.