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Canada’s Bruised Energy Patch Eyes Dealmaking Revival With Crude’s Rebound

A Canadian Pacific Railway locomotive pulls a train in Calgary, Alberta, Canada, on Monday, March 22, 2021. 

A Canadian Pacific Railway locomotive pulls a train in Calgary, Alberta, Canada, on Monday, March 22, 2021. 

Photographer: Alex Ramadan/Bloomberg

Hi, it’s Kevin here in Toronto. Today in the Bloomberg Deals newsletter we’re looking at how Canada’s energy industry, based in my former home of Calgary, may be poised for a fresh round of consolidation. Plus, the market rout rattles IPOs, and a hardball situation at SoftBank.

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When I moved out of Calgary in late 2020, Canada’s energy patch was in a rough place. Crude was trading below $40 a barrel, and the memory of futures going negative months earlier was fresh in the minds of executives and investors. Capital-spending budgets had been slashed, and layoffs were making the city’s empty office towers even emptier. —Kevin Orland