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Appetite for Canadian Oil Companies Weakening Among Some Investors, Goldman Sachs Notes

MT Newswires ·  {{timeTz}}

11:48 AM EDT, 10/03/2022 (MT Newswires) -- Goldman Sachs on Monday detailed conversations with investors concerned about the potential for weaker profits from Canada's biggest oil and gas producers as prices for both commodities retreat.

"Sentiment continues to turn less positive on the Canadian Oils as we head into earnings season," the bank noted. "Many investors we speak to are concerned about the potential for negative consensus earnings revisions for 2H on account of (1) lower than expected oil prices, (2) wider than expected WTI-WCS crude differentials, though we note premium Syncrude pricing relative

to WTI should act as an offset to those exposed, and (3) weak AECO natural gas prices. We have seen the most concerns

around CNQ (given exposure to oil price, differentials, and natural gas) and CVE (given lower oil prices and concerns on the

refining business in the face of unplanned outages). That said, some investors view this narrative as backward looking and

continue to believe the Canadian Oils screen attractive on valuation and looking forward, many investors in our conversations

see potential for WTI-WCS spreads to improve as SPR releases end."

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