Canada Oilpatch Profits Vastly Outpacing Spending—at Least for Now: Deloitte
Canadian oil producers saw a 68 percent surge in operating profits between the first and second quarters of this year, but capital spending hasn’t kept anywhere near the same pace, says a new report from Deloitte Canada. The consulting firm notes that crude prices have experienced “considerable volatility” in recent months due to the Middle […]
TL;DR
- Canadian oil producers' operating profits increased by 68% between Q1 and Q2.
- Capital spending has not kept pace with the rise in profits.
- Crude prices have been volatile, fluctuating significantly due to the Middle East war.
- High prices have resulted in a windfall for Canada's oil producers.
- The oil sector was the largest contributor to non-financial industry profits in Q2.