{"id":6972,"date":"2021-01-28T21:56:19","date_gmt":"2021-01-28T21:56:19","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/01\/28\/husky-acquisition-insulates-cenovus-from-keystone-xl-tragedy-ceo\/"},"modified":"2021-01-29T17:44:08","modified_gmt":"2021-01-29T17:44:08","slug":"husky-acquisition-insulates-cenovus-from-keystone-xl-tragedy-ceo","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/01\/28\/husky-acquisition-insulates-cenovus-from-keystone-xl-tragedy-ceo\/","title":{"rendered":"Husky acquisition insulates Cenovus from Keystone XL &#8216;tragedy&#8217;: CEO"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<h2 class=\"visually-hidden\">Article content continued<\/h2>\n<p>But the COVID-19 pandemic and oil price crash in 2020 caused a \u201cmassive disruption in capital spending\u201d by U.S. producers last year, Pourbaix said. The fallout from that oil price crash and the election of Biden \u201ccreate the opportunity for a positive situation for Canadian heavy.\u201d<\/p>\n<p>Still, Biden\u2019s executive order to kill TC Energy Corp.\u2019s 830,000-barrels-per-day Keystone XL pipeline linking Alberta\u2019s oilsands with heavy oil refineries in Texas and Louisiana on his first day in the office is a \u201ctragedy\u201d for the Canadian oil industry, said Pourbaix who previous was an executive at the pipeline company.<\/p>\n<p>\u201cThis is certainly the most exhaustively reviewed project in the history of pipelines from an environmental perspective,\u201d Pourbaix said. \u201cYou\u2019re already seeing the impact on thousands of workers in Canada and the U.S. It certainly was not happy news and I think unnecessary, unwarranted and damaging for both countries.\u201d<\/p>\n<blockquote>\n<p>(Keystone XL) certainly was not happy news and I think unnecessary, unwarranted and damaging for both countries<\/p>\n<p>Alex Pourbaix, Cenovus CEO<\/p>\n<\/blockquote>\n<p>However, Cenovus\u2019s acquisition of Husky Energy Inc. reduces the company\u2019s need for the Keystone XL pipeline because it will be able to send more of its own crude oil production to Husky refineries in the United States. The deal closed earlier this month.<\/p>\n<p>\u201cThe large majority of our production we can find a home for and we no longer need to sell at Hardisty (Alberta) and be exposed to that light-heavy differential in the (Alberta) province,\u201d Pourbaix said.<\/p>\n<p>Barrels of Western Canadian Select heavy oil traded at US$39.81 on Thursday. By comparison, the West Texas Intermediate benchmark traded down roughly 1 per cent to US$52.34 per barrel by close Thursday.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/financialpost.com\/commodities\/energy\/husky-acquisition-insulates-cenovus-from-keystone-xl-tragedy-ceo\" rel=\"nofollow noopener\" target=\"_blank\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Article content continued But the COVID-19 pandemic and oil price crash in 2020 caused a \u201cmassive disruption in capital spending\u201d by U.S. producers last year, Pourbaix said. The fallout from&#8230;<\/p>\n","protected":false},"author":2,"featured_media":6973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/01\/vw0128pourbaix.jpg","fifu_image_alt":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-6972","post","type-post","status-publish","format-standard","has-post-thumbnail","category-commodities"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/6972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=6972"}],"version-history":[{"count":1,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/6972\/revisions"}],"predecessor-version":[{"id":6974,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/6972\/revisions\/6974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/6973"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=6972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=6972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=6972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}