Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens. Canada’s capital spending fell 54% in Q2, to $3.88 billion, according to Statistics Canada. This is down from $8.46 billion in Q1 2020 and $8.59 billion in Q4 2019. The Canadian Association of Petroleum Producers estimated a couple of months ago that the full-year spend for its oil and gas production sector would be just above $23 billion—down from $37 billion for the year that it predicted in January, prior to the Covid-19 pandemic. Earlier this month, ATB Financial estimated that the heart of Canada’s oil industry, Alberta, would spend just $16.6 billion this year on oil and gas extraction—a drop of $7 billion from 2019 . If realized, it will be the lowest spend since […]