Profit to Tumble to Decade Low at Canadian Oil Producers
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Canada’s oil and gas industry is projected to report the biggest drop in profit in at least a decade as crude’s collapse pummels one of the world’s costliest producers.
Earnings per share for Canadian petroleum producers will fall more than half to 20 cents for the 63 members of an energy industry sub-sector of the Standard & Poor’s/TSX Composite Index, according to data compiled by Bloomberg. Twenty-seven of them, including Cenovus Energy Inc. and Canada Natural Resources Ltd., are expected to post losses in the quarter.