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Oil and Gas Discussion BB
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Msg  49294 of 50045  at  5/14/2019 1:54:58 PM  by

bankbuyer


From Reuters


  "

‘NO POINT GROWING’

But producers have few options to spend.

“There’s no point growing with the Alberta production curtailment in place and the lack of egress opportunities,” MEG Energy Chief Executive Derek Evans told Reuters.

The heavy oil producer reported $98 million in free cash flow during the first quarter, and intends to repay debt.

Suncor Energy raked in more than $1 billion in surplus cash flow last quarter and said it could increase stock buybacks if cash flow improves further.

“There is no sense spending money to generate additional production and drive further throughput if you can’t produce the oil. The economics of that are zero,” Suncor CEO Mark Little said on an earnings call.

The number of potential buyers for assets up for sale has dwindled, said Laura Lau, senior portfolio manager with Brompton Group, which owns shares in Suncor, Canadian Natural Resources and Cenovus Energy Inc .

“Canada is not a friendly place to do business. The cost of capital has gone up and that is referenced in valuations,” Lau said. “They are competing against the U.S., and it’s the most business-friendly jurisdiction in the world.”



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49304 Re: From Reuters peter_burke_ceo 1 5/15/2019 12:14:28 PM


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