The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

ConocoPhillips put its Alberta properties, which included a stake in the Surmont project, on the auction block in early 2012.
ConocoPhillips put its Alberta properties, which included a stake in the Surmont project, on the auction block in early 2012.
(ConocoPhillips)

Energy deals offer hope of a turnaround for Canada’s oil patch

Asset and stock acquisitions by big-name value investors, and a few macro numbers backing up their buys, point to a brighter sentiment in the oil patch after a lengthy slump, if not a full-blown turnaround, TD Securities Inc. contends.

Though it has made up lost ground since its April lows, the Toronto Stock Exchange’s energy group remains stuck in its recent range. Still, this month’s Alberta oil sands and shale asset buys by some of the oil majors, in deals worth $1.3-billion, and Warren Buffett’s new position in Suncor Energy Inc. suggest bargain hunting is underway, TD analyst Michael Dembicki said.