Canadian oilpatch holding off investment changes despite surge in crude prices

The chief executive at oilsands giant Cenovus Energy says it’s too early on in the crisis to know what the enduring changes to the market are going to be.

Jon McKenzie says his company makes plans based on lower oil prices to ensure it’s just as resilient at US$100 a barrel as it is at US$40.

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Tamarack Valley Energy Ltd. isn’t changing its 2026 capital budget at this stage, but chief executive Brian Schmidt says it’s speeding up some already planned oil drilling in order to keep its options open for later in the year.

Tourmaline Oil Corp. is enjoying much higher cash flows from its liquids-rich natural gas production in British Columbia and Alberta.

But Jamie Heard, vice-president for capital markets, says Tourmaline’s ability to ramp up output is limited by the available space on pipelines and at the LNG Canada export facility on the B.C. coast, which enables sales to Asian buyers.

The executives made their comments in interviews during the 2026 BMO CAPP Energy Symposium taking place in Toronto this week.

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