on the Canadian oil and gas industry being developed by the federal government.
The company managed both, unveiling another special dividend, and plans to increase capital spending to $1.5 billion this year, up from about $1.25 billion.Article content Benchmark oil prices surged above US$100 a barrel earlier this year following Russia’s invasion of Ukraine, closing Thursday at US$96.42 a barrel.Whitecap Resources announced second-quarter earnings of $381 million, up from $19 million a year earlier, while Crescent Point Energy reported Wednesday it had net earnings for the period of $332 million.Article content
It raised its capital budget by $400 million this year to about $3.5 billion, directing more money to its Sunrise oilsands project. In the oilsands, where more planning and longer lead times are required, the effect of higher costs has not been as significant as in the conventional side of the business, which is seeing higher costs for pipe casing and for contracting rigs.
Source: News Formal (newsformal.com)
Thanks Trudeau, our oil industry is breaking records in production, exports, profits
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