After racking up debt in 2020, the Canadian oilpatch is enjoying a rebound so far this year as major oil producers are gushing profits as oil prices are near a seven-year high. Companies were forced to cut costs and find efficiencies as the sector has struggled since the oil price crash began in 2014. Oil prices reached historic lows last year because of a global supply glut combined with reduced fuel demand during the pandemic. Crescent Point Energy had an adjusted profit of $117.6 million, up from a loss of $27.9 million in the second quarter of 2020. Cenovus had net earnings of $224 million in the quarter, compared to a $235-million net loss a year earlier.

Source: CBC News August 01, 2021 07:52 UTC