A recent article the Financial Post shared interesting perspectives on the industry downtown by examining how the precipitous decline in oil prices is impacting markets from Fort McMurray to Calgary and beyond.
With many major players such as Suncor and Cenovus making significant budget cuts, the economic pinch is being felt by everyone form oil drillers to real estate agents. The common theme seems to be an understanding that the industry will rebound eventually — it always does. Making it through the downturn requires forethought and prudence with respect to managing finances and businesses.
As one executive is quoted: ‘You need to have a fair bit of intestinal fortitude to be in this business.’