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MNP's TAKE: Canada's oil and gas sector will climb out of the red next year on the impact of dramatic budget cuts, according to a major think tank. Although the oil patch could see pre-tax losses of $2.1 billion this year on poor commodity prices, savings from reduced staff and curtailed projects will help rebuild company coffers in the future. Can your company be pared to the bone and continue operating effectively? A detailed cost-benefit analysis for your operations is an important option when preparing for an extended slow-down in the industry.
To learn more, contact Lee Plamandon, CPA, CA, at 780.769.7809 or [email protected], or a member of MNP's Oilfield Services team about assessing your company's financial and operational position.
BY LAUREN KRUGEL FROM THE CANADIAN PRESS
CALGARY - The Conference Board of Canada says oil and gas producers are expected to dive into the red this year, but begin crawling back to profitability in 2016 as cost-cutting efforts bear fruit.
The Ottawa-based economic think-tank is calling for an industry pre-tax loss of $2.1 billion in 2015 compared to profits of $6 billion last year.
U.S. benchmark crude oil prices have spent much of 2015 languishing below the US$50 a barrel mark — dropping below US$44 a barrel in recent days, around 60 per cent lower than its 2014 high.
The Conference Board outlook comes a day after Alberta's NDP government posted its first budget — with a $6.1-billion deficit and a plan to borrow money to cover day-to-day programs.
It also follows an announcement from European energy giant Royal Dutch Shell that its Carmon Creek oilsands project would be scrapped.
Meanwhile, oilsands producer MEG Energy has posted a quarterly net loss of $427.5 million — but on the bright side, says it's managed to knock its operating costs down to $9.10 a barrel, compared to $10.31 last year.
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