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Another Big Oil Company Has Had It With Canada... Moves To USA

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Economy

https://www.google.ca/amp/s/www.cbc.ca/amp/1.5026090

 

Devon Energy has given up trying to operate in Canada and says will deploy all its cash to focus on the US particularly shale in the Texas Permian

 

Devon is the lastest company complaining that doing business in Canada has simply become impossible and completely unprofitable

 

Oil companies long assert that a combination of strict environmental standards, the new Carbon Tax and the issue that opposition prevents new pipelines forcing Oil to sell at big discounts is a combination of 3 factors that simply aren't manageable

 

Very recently, Energy Giant "ConocoPhillips" also divested every Canadian asset they had to focus on US production also complaining of a hostile climate against the Canadian energy sector

 

This past year many Canadian Oil Companies have run losses as high as $1 Billion per quarter (3 month period). The few staying profitable are companies that also diversify in refining or that also have assets outside of Canada to compensate

Edited by Economy
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Sid

Good ole USA, get in here to bypass your environmental regulations :green:

░▒▓█►─═ ⒶⓇⓉⓅⓄⓅ ═─◄█▓▒░
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RAMROD

This means massive unemployment then? :udidnt:

(ノ◕ヮ◕)ノ✧*:・゚ ♥ DORMIR ♥ PELADA ♥ É ♥ MAIS ♥ GOSTOSO! ♥

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Economy
10 minutes ago, RAMROD said:

This means massive unemployment then? :udidnt:

Not so much for Canada as a whole (at least not yet) unemployment is still at a 40 year low actually

 

The province that produces the most oil (Alberta) has been the only area in Canada to see a spike in unemployment

 

The economic damage to the rest of the Country is more indirect. Lost tax revenue for the Federal Government, poor performance in Canadian energy sector plus lending companies that lend to them which affects ppls return on investments for stuff like retirement funds

 

Manufacturing companies that manufacture equipment for the oil sands also take a hit

Edited by Economy

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Lord Temptation

These companies are traitors to their own nation. I hope Canadians AND Americans boycott these greedy leeches.

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Economy
8 minutes ago, Lord Temptation said:

These companies are traitors to their own nation. I hope Canadians AND Americans boycott these greedy leeches.

I mean, both the companies I listed on OP are actually American Companies they simply had assets here in Canada as well that they are now ditching (I'm sure they will sell it for whatever they can even if it isn't much) so it's not like they have some patriotic obligation to Canada

 

Also if u government makes u loose money I don't think it's greedy to wanna leave. I mean if ur not even breaking even what's the point of running a business?

Edited by Economy

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Lord Temptation
1 minute ago, Economy said:

I mean, both the companies I listed on OP are actually American Companies they simply had assets here in Canada too so it's not like they have some patriotic obligation to Canada

 

Also if u government makes u loose money I don't think it's greedy to wanna leave. I mean if ur not even breaking even what's the point of running a business?

Sure, but obviously they weren’t looking hard enough if they were so quick to abandon Canada, which I’m sure has a abundance of potential in resources and naturally, human capital. 

Corporations are always making excuses for poor management decisions. Have they not heard of diversifying? Also many companies operate for years and years without making profit because they generate adequate cash flow and have invested in a new idea with untapped potential.

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Economy
3 minutes ago, Lord Temptation said:

Sure, but obviously they weren’t looking hard enough if they were so quick to abandon Canada, which I’m sure has a abundance of potential in resources and naturally, human capital. 

Corporations are always making excuses for poor management decisions. Have they not heard of diversifying? Also many companies operate for years and years without making profit because they generate adequate cash flow and have invested in a new idea with untapped potential.

I agree with u about corporations often making bad decisions and what not

 

But in this case I do understand why the energy sector has been grumbling

 

Higher costs in Canada from tougher environmental regulations and now the carbon tax is understandable. We're trying to minimize ecological foot print

 

But then not allowing new pipelines is an extra huge burden to bare because Canadian Oil has been selling at huge discounts because of it

 

At one Point when Brent was $60 a barrel and WTI like $52/barrel Canadian Oil Sands Oil sold for $22 a barrel

 

U gotta admit. As hard as these companies try to be efficient it's very hard to get by in an environment that tough

 

The discounts got so bad that the Province of Alberta had to put in mandatory production cuts so that the pipelines space could be used to reduce all the oil that was stuck in storage

 

The mandatory cuts are starting to be eased but still not fully reversed

 

Pipelines are actually a really hot political debate here in Canada. It's almost like guns debate in the US or Medicare. Any national news especially economy news is always talking about it

 

Most Canadians support more pipelines to end the huge discounts that's destroying the industry and starving the Federal Government from tax revenue.... But the few opposed are super opposed and do everything to stop it

 

BC and Quebec in particular are opposed and stopped pipeline plans from happening

 

The government even spent $4.5 Billion buying a pipeline that a company gave up on (because it had been challanged in court by opposers non stop for years) and now the Federal Government still can't build it because it's in court for the 16th time now and under review again

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Lord Temptation

Quebec and BC sound like greedy leeches. The Federal government should punish their selfish asses! Charge them extra for oil. That’ll learn them a lesson. The nerve of them. Just because they are more popular with tourists they think they are better than Alberta. Also it sounds like the Federal government is (and has been) weak AF. Trudeau needs to go. Canada needs to have a strongman like Trump. Not a pretty boy who is good at shaking hands. The whole world is becoming more conservative. Canada needs to catch up in this respect. The spoilt provinces are making a mockery out of Ottawa and i’m sick of it!

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Economy
24 minutes ago, Lord Temptation said:

Quebec and BC sound like greedy leeches. The Federal government should punish their selfish asses! Charge them extra for oil. That’ll learn them a lesson. The nerve of them. Just because they are more popular with tourists they think they are better than Alberta. Also it sounds like the Federal government is (and has been) weak AF. Trudeau needs to go. Canada needs to have a strongman like Trump. Not a pretty boy who is good at shaking hands. The whole world is becoming more conservative. Canada needs to catch up in this respect. The spoilt provinces are making a mockery out of Ottawa and i’m sick of it!

He is weak lol. That's something many who at first supported him have noticed

 

And in a Country where each region has such varying opinions and politics, it takes strong leadership to keep country United, and he doesn't have what it takes to be assertive

 

Him and his party is making it too easy for the rules to be bent (or outright broken) when it comes to authority and at best Provinces get a slap on the wrist

 

It's all politics. If u actually punish a Province the voters there will be angry at you and remember that at the next elections

 

When that shenanigans happened between BC, Alberta and Saskatchewan because of the pipeline blockade in BC and they put sanctions and import bans on eachother the Federal Government didn't even intervene or comment, they let it play out. How useless :rip:

 

Alberta started banning wines from BC and made legislation to shut off BCs Oil Supply and Saskatchewan volunteered to join Alberta in also shutting off oil supply and BC began drawing up retaliation plans (that BC didn't end up using)

 

That's civil economic war. And Trudeau did nothing! :saladga:

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Lord Temptation
8 hours ago, Economy said:

He is weak lol. That's something many who at first supported him have noticed

 

And in a Country where each region has such varying opinions and politics, it takes strong leadership to keep country United, and he doesn't have what it takes to be assertive

 

Him and his party is making it too easy for the rules to be bent (or outright broken) when it comes to authority and at best Provinces get a slap on the wrist

 

It's all politics. If u actually punish a Province the voters there will be angry at you and remember that at the next elections

 

When that shenanigans happened between BC, Alberta and Saskatchewan because of the pipeline blockade in BC and they put sanctions and import bans on eachother the Federal Government didn't even intervene or comment, they let it play out. How useless :rip:

 

Alberta started banning wines from BC and made legislation to shut off BCs Oil Supply and Saskatchewan volunteered to join Alberta in also shutting off oil supply and BC began drawing up retaliation plans (that BC didn't end up using)

 

That's civil economic war. And Trudeau did nothing! :saladga:

It’s quite disheartening to know federal leaders are either powerless or they are complicit in the stalemate. Canada is so vast that it’s too big to fail. Which may be (part of the reason) why real estate is so high - high wealth is necessary to distract people from inept leaders. While I advocate decentralisation it will only be true decentralisation when we abolish the two-party system and force EVERY leader to be independent. Otherwise politicians are just links in the chain. Solutions to local problems should not he forced to come out of a central bureau. Alberta and BC should be able to solve this without Ottawa, but it’s clear there insiders within the Federal ranks that profit somehow (kickbacks?) from sabotaging the discussions.

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Economy
11 minutes ago, Lord Temptation said:

It’s quite disheartening to know federal leaders are either powerless or they are complicit in the stalemate. Canada is so vast that it’s too big to fail. Which may be (part of the reason) why real estate is so high - high wealth is necessary to distract people from inept leaders. While I advocate decentralisation it will only be true decentralisation when we abolish the two-party system and force EVERY leader to be independent. Otherwise politicians are just links in the chain. Solutions to local problems should not he forced to come out of a central bureau. Alberta and BC should be able to solve this without Ottawa, but it’s clear there insiders within the Federal ranks that profit somehow (kickbacks?) from sabotaging the discussions.

What do u mean by 2 party system? Like Province and Federal? 

 

Yeah I don't know what's going on. My best bet really is that Trudeau doesn't wanna take sides then loose votes from whoever he goes against. That's why he hasn't been assertive on either side

 

As long as he lets the provinces fight it out and not interfere, he won't take big heat from either political side

 

But it is having the effect that many are starting to see him as weak and useless and just a pretty face in government

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Lord Temptation
1 hour ago, Economy said:

What do u mean by 2 party system? Like Province and Federal? 

 

Yeah I don't know what's going on. My best bet really is that Trudeau doesn't wanna take sides then loose votes from whoever he goes against. That's why he hasn't been assertive on either side

 

As long as he lets the provinces fight it out and not interfere, he won't take big heat from either political side

 

But it is having the effect that many are starting to see him as weak and useless and just a pretty face in government

Two party system is just a way to describe a situation where countries have only two parties (the same two) that always dominate elections, even though there may be many political parties. In Australia we have Labor and Liberal (though historically a third minor party has has to form coalitions with either Labor/Liberal to form a majority government). The US has the Republicans vs Democrats. The UK has Conservatives vs Labour. 

Yeah...I hate Trudeau. He may be good looking and make great speeches but he is such a waste of space. The guy should make p*rnos or something more productive than just smiling and looking good for the cameras. 

Also I just remembered that his father Pierre was PM in the 70s and 80s. Nepotism and hence corruption exists even in the good countries. 

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Economy
1 hour ago, Lord Temptation said:

Two party system is just a way to describe a situation where countries have only two parties (the same two) that always dominate elections, even though there may be many political parties. In Australia we have Labor and Liberal (though historically a third minor party has has to form coalitions with either Labor/Liberal to form a majority government). The US has the Republicans vs Democrats. The UK has Conservatives vs Labour. 

Yeah...I hate Trudeau. He may be good looking and make great speeches but he is such a waste of space. The guy should make p*rnos or something more productive than just smiling and looking good for the cameras. 

Also I just remembered that his father Pierre was PM in the 70s and 80s. Nepotism and hence corruption exists even in the good countries. 

If that's what u were refering to we actually have 3 main ones that dominate

 

Conservatives: The Most Right Winged

Liberals: Centre Wing (currently in power)

NDP: The Most Left Wing of the 3

 

Conservatives and Liberals do win most of the time but the NDP have won a few times in the past (it's been a long time now tho)

 

and even tho they win the least amount of times they still hold enough seats to be relevant

 

Also when it comes to stuff like public televised debates the NDP are always invited for those too

 

So we have 3

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Lord Temptation
7 hours ago, Economy said:

If that's what u were refering to we actually have 3 main ones that dominate

 

Conservatives: The Most Right Winged

Liberals: Centre Wing (currently in power)

NDP: The Most Left Wing of the 3

 

Conservatives and Liberals do win most of the time but the NDP have won a few times in the past (it's been a long time now tho)

 

and even tho they win the least amount of times they still hold enough seats to be relevant

 

Also when it comes to stuff like public televised debates the NDP are always invited for those too

 

So we have 3

We used to have a third major party called the Democrats but they imploded spectacularly in the early 2000s, and historically the National Party, which is a rural-based party and hence small (only 20% of Australians live outside a capital city) has aligned itself with Liberals.

I think in Canada’s case there is still an overwhelming bias towards two of the big three. 

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