A federal financing relief package for large Canadian companies was applauded by the oil and gas sector and the Alberta government on Monday, May 11, 2020, despite conditions that could link the aid to an individual company's climate change goals.

The deep downturn in North American oil and gas drilling has resulted in nearly 3,000 fewer employees working for Precision Drilling Corp. now than at the same time last year, its CEO said on Thursday, April 30, 2020.

Teck Resources Ltd. is leaving the Canadian Association of Petroleum Producers, an industry organization whose members represent about 80 per cent of Canada's oil and gas production.

A $1.2-billion writedown in the value of its oil and gas assets around the world due to low global commodity prices resulted in a first-quarter net loss of $1.3 billion or $8.42 per share for Vermilion Energy Inc., the energy producer announced on Tuesday, April 28, 2020.

A move by Husky Energy Inc. to halt production of 80,000 barrels per day takes the total reduction in Canadian crude output to about 365,000 bpd since the onset of measures to deal with the COVID-19 pandemic, an analyst says.

Canadian oil wells will continue to be shut down amid weak global oil prices despite an agreement to limit production struck by OPEC and other major producers on the weekend, producers say.

The Alberta government has agreed to invest about US$1.1 billion (C$1.5 billion) as equity in the Keystone XL pipeline project, substantially covering planned construction costs through the end of 2020.

Budget cutting in response to the twin challenges of COVID-19 demand destruction and low oil prices mean the world's oil and gas industry will likely spend less on renewable energy going forward.

Oilsands giant Suncor Energy Inc. is putting projects on hold and cutting its 2020 capital budget by 26 per cent to deal with lower oil prices linked to a market share battle between Saudi Arabia and Russia, as well as lower demand for fuel because of the COVID-19 pandemic.

Oilsands giant Canadian Natural Resources Ltd. is joining a lengthening list of oilpatch players who are cutting 2020 capital spending due to the COVID-19 pandemic and plunging oil prices.