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“Instead, we got an initial million-barrel-per-day loss of Russian production and then it bounced right back.” That means the war in Ukraine hasn’t been a game-changer for Canada’s oil and gas sector. While the country did increase its output last year — Alberta set an annual record for oil and gas production, at 3.73 million barrels per day, according to ATB Financial — much of that increased production was incremental and had been planned by companies before Putin’s invasion.Article content
So I don't want us to be feeling too good about helping the world on this, because I don't think we didCanadian oil and gas companies benefited from high commodity prices earlier this year, in many cases posting record profits. But much of those profits went to paying down debt and rewarding shareholders rather than expanding or announcing new projects.