Natural gas pipes
The Conference Board of Canada estimates profits for the country's natural gas producers will hit a 10-year low this year.
The Ottawa-based economics think-tank said Friday the gas industry's overall profit will total just $2.3-billion this year, down 60 per cent from last year and the lowest since 1999.
It also says output by Canadian gas producers will be down 5 per cent in 2009 from last year's level, which was 5.2 per cent below 2007 output.
Conference Board economist Todd Crawford said much has changed from last year, when gas prices skyrocketed in the first six months of 2008.
Since then low gas prices and tough credit conditions have resulted in dramatically lower drilling activity in the gas sector.
The Conference Board said it expects gas-sector profits will begin to grow again in 2010