Industry expert offers dose of optimism to oilsands
Posted Apr 27, 2015 11:07 am.
This article is more than 5 years old.
As major oil and gas companies prepare to release their first quarter results this week, many are bracing for the worst.
Precision Drilling’s latest report already shows profits plunging 76 per cent in the first part of the year, compared to 2014.
However, amidst prediction of more layoffs and cuts, one industry expert is preaching calm.
David Yager is the National Leader of MNP’s Oilfield Services Group.
He tells 660News, there’s no choice but to feel hopeful.
“It’s gotta get better, because it can’t get worse, really,” he said. “I mean, the downturn is devastating for many, and 10s of thousands of people have lost their jobs.”
Yager says there’s no question there’s been a significant slowdown, but the oil company executives he’s talked to are looking to the future.
He adds the second quarter of the year is usually the slowest anyway and there’s a light at the end of the tunnel come May or June.
“There are indications that activity will pick up, once road bands go off,” he said. “So if that activity materializes, I think people will feel a little better — Canada is the fifth largest hydro-carbon producing jurisdiction in the world. We’re not going out of this business any time soon; it just may not be as frothy as it has been the past few years.”
