Newspaper article The Canadian Press

Oil Industry Will Continue to Lose Money This Year: Conference Board of Canada

Newspaper article The Canadian Press

Oil Industry Will Continue to Lose Money This Year: Conference Board of Canada

Article excerpt

Oil sector will still lose money this year: report

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CALGARY - The Conference Board of Canada says the oil industry will continue to lose money for much of this year despite stronger financial conditions and the promise of new pipeline capacity.

Economist Carlos Murillo says the sector has narrowed losses since hitting rock bottom with an $11-billion overall loss in the first quarter of 2016, but it won't post positive numbers until the fourth quarter of this year.

He says he expects the industry to recover to match its 2010 profit of around $13 billion by 2021.

The board says in a report released Monday that capital investment this year is expected to fall to $22 billion from $27 billion last year as big construction projects in the Alberta oilsands and offshore Newfoundland are completed. …

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