Financial Post and WCP
"The Financial Post reports in its Friday edition that Canadian energy executives are becoming increasingly vocal about the country losing its competitive edge relative to their peers in the United States, saying it is "very, very worrisome" that investors are exiting the domestic energy sector. The Post's Geoffrey Morgan quotes Grant Fagerheim, president of Whitecap Resources, as saying, "If the people of Canada think for one moment that we can only have Canadian investors and hope to drive any type of business going forward, they are absolutely, massively mistaken." Their concerns were echoed by a foreign institutional investor in a letter to Prime Minister Justin Trudeau. The letter marks the second time in recent weeks a fund manager outside of Canada has directed concerns to Mr. Trudeau. Susan Johns, a U.K.-based fund manager, made the case in a letter dated Nov. 7. It follows a similar note last month by Darren Peers, an analyst at U.S.-based Capital Research, who criticized Ottawa for allowing Canadian energy competitiveness to lag. Ms. Johns stated in her letter that she has invested in Canadian junior and intermediate companies for more than 30 years and now she sees the industry being "strangled."