Oilpatch ‘adrift’ as prices drop and investors turn away – Business

Stampede week is usually a pretty jolly event for the oilpatch. Beer for breakfast, half days at work and taking clients to the rodeo are part and parcel of doing business during the Stampede. But this year, there’s a cloud hanging over the sector. Oil is bumping along around $45 US a barrel, and in many cases share prices are retesting 2016 lows.

‘Who knows where the price of oil is going to go? I have no clue. No one should say they have a clue.’
– Barry Schwartz, Baskin Wealth Management

“In 2016, we felt we were at the bottom, and it was proven out, into the fall and early part of winter, share prices increased, the TSX energy index increased as a result of that and a few transactions were done,” said Jim Davidson, co-chairman of GMP FirstEnergy, a longtime investment bank for the energy sector.

“Today if you took a look at a typical oil and gas company…

Complete article from the original source…