Crushed by plunging oil prices and demand in the coronavirus pandemic, Canadian oil firms slashed budgets, dividends, and production to save their finances through one of the worst crises in the oil patch in recent memory. Canada’s oil industry welcomed in early May the federal government’s relief financing to help the sector stay afloat, saying it was still waiting for more details about the roll-out of the program. A month later, Canadian oil companies are still struggling to understand what it takes to qualify for a federal government program. Meanwhile, industry representatives say they are unaware of any firm that can access financing under those programs. Meanwhile, the Canadian oil patch is struggling with a liquidity crunch amid low oil prices and demand, and some firms have already announced court-supervised restructuring processes or severely reduced borrowing bases by banks. The industry needs urgent financial relief, yet details about who […]