Canadian oil and gas companies benefited from high commodity prices earlier this year, in many cases posting record profits
. But much of those profits went to paying down debt and rewarding shareholders rather than expanding or announcing new projects.
Dulles Wang – a Calgary-based analyst for Wood Mackenzie – said while the war has brought issues of energy security and reliability to the forefront, it’s the United States, not Canada, that has capitalized on it. Because the U.S. already had several LNG export terminals in operation, last year it was able to export more LNG than any other country in the world.
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