Oilpatch holding off on investment changes despite crude price surge

CALGARY — Canadian oil and gas producers are benefiting from the surge in commodity prices driven by the Middle East war, but they say it’s not changing their investment plans in the near-term.

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.

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.