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.
Photographer: Alex Ramadan/BloombergHi, 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