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Whitecap Resources Inc (2)
Symbol WCP
Shares Issued 410,530,134
Close 2019-09-16 C$ 4.96
Market Cap C$ 2,036,229,465
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Post says Whitecap boss hopes investors remember Canada

2019-09-17 09:04 ET - In the News

The Financial Post reports in its Tuesday edition that the attacks on critical Saudi Arabian oil infrastructure could compel major consumers of the commodity to diversify their energy sources, but Canada will not be one of them. The Post's Geoffrey Morgan writes that global oil prices surged 14 per cent to $7.71 (U.S.) a barrel, to $62.56 (U.S.), as markets reacted to rocket strikes on Saudi Arabia's 5.7-million-barrel-per-day Abqaiq oil plant, which RBC Capital Markets' Michael Tran called "the central bank of oil." Given reports of the damage so far, analysts believe Abqaiq, which represents 60 per cent of Saudi capacity, is likely to be offline for months. "Canada could, in theory, have been the first responder," Mr. Tran said of the country's ability to supply the global market. Instead, Canadian companies will not be able to pump more oil because export pipelines are chock full. Whitecap Resources chief executive officer Grant Fagerheim said the attack on Saudi Arabia could help attract some investors that had left the country. Canada sits on the world's third-largest oil reserves. "This could be an opportunity to alter the narrative a little bit about the stability of Canadian energy," Mr. Fagerheim told the Post.

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