Quote:
Originally Posted by DiracSpike
People who look at the oil industry as grossly profitable and take it for granted need to have a long hard look at what's been happening in the last few years. BP, Conoco, Apache, Marathon, Total, StatOil, Devon, and now Shell have all basically ceased operations in Western Canada. Soon it will only be CNR, Suncor, and the greatly weakened Cenovus and EnCana left to operate here, that's bad for the Province and city as a whole. Although as someone who owns a #### tonne of CNR stock I'm not complaining.
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Oilsands related - I would generally agree with this statement. But conventional oil is still dominated by juniors and mid sized companies. Or at least there are a ton of them out there and they seem to be doing the majority of the work in this sector.
Back to the Shell/CNRL sale, I see CNRL now owns a majority (70%) stake in the Scotford Upgrader althoguht Shell says they will bump their share back up to 50%. Not sure if by 'upgrader' they mean the entire Scotford Complex or just the upgrader component but either way CNRL gains a pretty big share of that particular asset. And they also own a 50% stake in the Northwest Upgrader literally across the river from Shell. Guess it makes sense as they are now pretty heavy into the oilsands but partial ownership in two separate upgraders seems to be a little on the inefficient side. Wonder if there may be some fallout on the Northwest side as a result of this.