Oilsands companies upbeat about future as Q2 results reveal gains and setbacks
CALGARY — Higher oil prices and signs that pipelines will be built to take growing production to market are fuelling optimism among oilsands producers as they roll out second-quarter results.
The brighter picture is reflected in news that Husky Energy Inc. is increasing its dividend for the second time since reinstating it in April, along with reports of record production at Cenovus Energy Inc. and a faster-than-expected ramp up of Suncor Energy Inc.’s new Fort Hills oilsands mine and Hebron East Coast offshore oil project.
“The dividend increase is a reflection of our board’s confidence in our financial framework and ongoing reductions in our cost structure,” said Husky CEO Rob Peabody on a conference call Thursday, adding he is seeing “a more constructive outlook” ahead for oil prices.
The optimism comes despite setbacks reported by all three companies in their second-quarter updates.