A wildfire burns near Highway 63 south of Fort McMurray, Alberta, Canada, May 8, 2016. Out-of-control wildfires that have consumed over a million acres of land in Canada’s Alberta are costing oil companies as much as $50 million a day in lost production, according to analysts. Alberta’s oil producers curtailed production by May 5 as fires prompted the evacuation of Fort McMurray, a central production hub. By May 9, more than 1 million barrels of daily oil output had been halted. “We estimate total daily pre-tax profit loss at $45 to $50 million,” Barclays analyst Paul Cheng said in an email to Reuters. For many companies, the shut-ins will translate directly to lower revenue in the second quarter, said Chris Feltin, an analyst at Macquarie Capital in Calgary. “The big thing here is that business interruption insurance is unlikely to be claimed because the damage isn’t direct to their […]