Canada's Oil, Gas Industry Set to Lose C$ 10 Billion

摘要

The commodity price downturn continues to take a serious toll on Canada's oil and gas industry, which is expected to lose C$ 10 billion (US$7.6 billion) this year, according to the Ottawa-based Conference Board of Canada. The board citednot only the weak energy market but also a"slowerthan anticipated cost-cutting response" by exploration and production companies. The report said this would mark the first time on record that Canada's hydrocarbon sector has not been profitable for two years in a row. In 2015, the industry lost a record C$11 billion.