“We are close enough to zero that we may get to zero . . . We’re so low, it’s kind of an irrelevant level right now.”
Commodity prices have moderated this year, but Canadian oil and gas revenues are expected to reach $190 billion this year, the second-highest figure in the past decade, according to ARC Energy Research Institute. Producers in the Canadian sector are near “the strongest that we have ever seen them,” said Brad Wells, head of energy at BMO Capital Markets.
Enerplus CEO Ian Dundas said such a strategy provides companies with more stability and resiliency to withstand sudden shifts in oil and gas prices.
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