Canada's oil producers sitting on piles of cash, despite cutbacks

Canada’s biggest oil producers are sitting on a near-record pile of cash, giving them the resources to keep investing and manage debt while weathering the worst price rout in a generation.

The five largest oil producers including Suncor Energy Inc. and Cenovus Energy Inc. have a combined $8.5 billion in cash and cash equivalents, an increase of 7.6 percent from a year earlier and more than twice the levels seen during 2009 downturn. The figures, which are little changed from a record $9 billion in 2014, don’t include the proceeds from Imperial Oil Ltd.’s recent sale of its Esso-brand gas stations for $2.8 billion.

http://calgaryherald.com/business/energy/canadas-oil-producers-sitting-on-huge-piles-of-cash-despite-massive-cutbacks