Office of the Official Opposition
For Immediate Release

St. John's, NL (January 7, 2021) – Barry Petten, PC Official Opposition Shadow Minister for Industry, Energy, and Technology and MHA for Conception Bay South, is raising questions following staggering quotations found in investor relations documents prepared for Cenovus.

A recent investor relations document prepared by RBC Capital Markets, in their role as a financial advisor to Cenovus, reads:

‘This plan will involve the elimination of investment on higher cost, marginal barrels in Husky’s portfolio including… Atlantic Canada.’

The document continues to say:

‘Cenovus noted that the East Coast of Canada is unlikely to compete for capital in the combined portfolio of upstream opportunities.’

Petten reacted to the document, including these two quotations with concern for those who are looking forward to getting back to work in Argentia and Marystown.

“When I read this document, I became increasingly worried for the workers who depend on West White Rose for employment. These comments are concerning. I am calling on Minister Parsons to immediately ask Cenovus to explain these comments and to outline their future plans for the West White Rose project,” said Petten.

Petten also commented on the write down of assets of Suncor Energy.

“This week, we also saw Suncor Energy write off $425 million in its investment in the West White Rose project. This is yet another sign that our offshore is in peril. It is not good enough that Minister Parsons and Premier Furey stand by and watch jobs disappear from the province,” said Petten.

“We need a government who will work with industry to provide jobs for Newfoundlanders and Labradorians, not a government who ignores the cries of workers,” concluded Petten.

Contacts:

David Maher

Director of Strategic Communications

(p) 1.709.725.0984

DavidMaher@gov.nl.ca

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