Canadian oil producers are confident in Alberta’s oil sands projects as a long-term play, betting that consolidation and a homegrown focus will drive down operating costs and make the industry more competitive as foreign players retreat.
Brian Ferguson, chief executive officer of Cenovus Energy Inc., which last month announced a $17.7-billion deal for ConocoPhillips Co.’s oil sands holdings and other Canadian assets, told reporters Tuesday that the pending acquisition gives Cenovus “complete control of our future in the oil sands.”Report Typo/Error
- Suncor Energy Inc$29.02+0.20(+0.69%)
- Suncor Energy Inc$38.52+0.41(+1.08%)
- Cenovus Energy Inc$9.16+0.16(+1.78%)
- Cenovus Energy Inc$6.90+0.10(+1.47%)
- Royal Dutch Shell PLC$54.02+0.23(+0.43%)
- Canadian Natural Resources Ltd$37.80+0.14(+0.37%)
- Canadian Natural Resources Ltd$28.50+0.04(+0.14%)
- Imperial Oil Ltd$39.17+0.81(+2.11%)
- Marathon Oil Corp$11.53-0.06(-0.52%)
- Updated June 23 4:00 PM EDT. Delayed by at least 15 minutes.