Energy Firms in Canada Keep Spending Tight Despite High Prices
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Robust oil and gas prices mean healthy profits for Canadian energy firms but they remain reluctant to spend on new projects, says the nation’s central bank.
Only about 40% of estimated cash flow is being allocated to capital investment this year, according to a survey and calculations published by the Bank of Canada on Monday. That’s far less than in previous commodity booms, the bank said in a quarterly report on the business outlook.