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Commodities Briefing - Categorized | Commodity Crisis, Performance more

Crash in commodity prices takes a toll on Canada’s corporate giants

Posted on 25 February 2016

Two of Canada’s largest companies clarified Wednesday exactly how much the ongoing crash in crude oil prices has cut into their bottom lines. Royal Bank of Canada missed expectations for first quarter profit as a result of more provisions being set aside for potentially bad loans to oil and gas producers.
Encana, meanwhile, actually beat quarterly expectations despite reporting a net loss of more than $600-million along with plans to cut its dividend by nearly four fifths and its workforce by 20 percent; equating to several hundred layoffs. “There is no question that persistently low oil prices are tough for our clients in affected regions,” RBC chief executive Dave McKay said……………………………………….Full Article: Source


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