A day earlier, Cenovus Energy CEO Jon McKenzie spoke at the conference and criticized future increases to Alberta‘s industrial carbon tax — part of the MOU with Ottawa — and its effect on industry competitiveness, if producers are to make investments to boost production for a new pipeline. While the message was blunt, it’s telling that oil sector leaders are now willing to deliver it to the federal government, said Cole Smead, president and portfolio manager with Phoenix-based Smead Capital Management, which owns shares in
Cenovus and Imperial Oil. “Business in Canada feels a lot more comfortable providing direct dialogue and feedback to the Carney government. They just considered it a waste of time with Trudeau,” Smead said Friday. “Their hope is that by being pragmatic and being forthright, that they’re not going to be punished, that they’re going to be heard.” Regardless, it’s clear that sentiment has improved in recent months. “I come periodically to Calgary and I speak to all of our customers. It is a very different
environment today,” said Girish Saligram, CEO of U.S.-headquartered oilfield services firm Weatherford International, which also has several hundred employees in Canada. There’s “a much clearer view on the importance of the oil and gas sector . . . It makes a big difference versus a vilification of the industry.” That view also extends into the ability to attract money into the sector. “I’m a believer that capital will see the opportunity,” said Boulanger. “They’re just going to want to see approvals.” Chris Varcoe is a
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Cenovus Energy, Jon McKenzie, Alberta industrial carbon tax, MOU with Ottawa, pipeline investment, Cole Smead, Phoenix-based Smead Capital Management, Phoenix, Imperial Oil, Carney government, Trudeau, Weatherford International, Girish Saligram, oilfield services, international capital, approvals, Boulanger
So they’re mad about a carbon tax… but then they want a new pipeline? Seems backwards to me.
I don’t get why Ottawa cares so much. If Canada already has the pipeline plan then why are they pressing?? Also Trudeau didn’t even do anything like this right? sounds like blame roulette.
They say they feel comfortable talking to the Carney government now, like that’s the win. But isn’t the carbon tax literally what makes stuff cheaper long term? Or does the pipeline magically pay for everything lol. I’m just saying it reads like: tax is bad, approvals are good.
It’s funny how oil execs always “need approvals” like the public isn’t the one paying attention. I swear every time there’s talk of emissions it turns into ‘please don’t regulate us’ and ‘we’ll invest if you stop.’ Also Phoenix-based?? why is this in Calgary news, am I missing that part.