Canada to end domestic subsidies for unabated fossil-fuel production

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Gone_Fishin
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by Gone_Fishin »

The total net income for Cenovus for the past 4 years is $6.8 billion.

Their total capital invested over that time averages $30.4 billion.

Their net return on investment over that 4 year period is ((6.8/4)/30.4) = 5.6%.

Is a 5.6% return on that huge investment too much? I don't think so.
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by Urban Cowboy »

Gone_Fishin wrote: Jul 17th, 2023, 3:56 pm The total net income for Cenovus for the past 4 years is $6.8 billion.

Their total capital invested over that time averages $30.4 billion.

Their net return on investment over that 4 year period is ((6.8/4)/30.4) = 5.6%.

Is a 5.6% return on that huge investment too much? I don't think so.
Figures seem very dependent upon where they are pulled from.

I'm seeing 6.5 billion in 2022 from what appears to be a Cenovus site.
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by The Green Barbarian »

Gone_Fishin wrote: Jul 17th, 2023, 3:56 pm The total net income for Cenovus for the past 4 years is $6.8 billion.

Their total capital invested over that time averages $30.4 billion.

Their net return on investment over that 4 year period is ((6.8/4)/30.4) = 5.6%.

Is a 5.6% return on that huge investment too much? I don't think so.
now imagine their return if they didn't receive all of those "spiffy" incentives!
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by The Green Barbarian »

Urban Cowboy wrote: Jul 17th, 2023, 3:43 pm
Fastandfurious74 wrote: Jul 16th, 2023, 5:03 pm

I mean, I guess if corporate welfare is ok with you than that's your business but I don't think a company like Cenovus Energy making $46.4 billion should get any type of financial handout
Your 46.4 billion figure is "revenues" for the year, not "profits" after expenses are deducted.

That figure is actually 4.93 billion, according to one source, and 6.5 billion the other. :135:

https://www.macrotrends.net/stocks/char ... rom%202021.

https://www.cenovus.com/News-and-Storie ... 23/2609466
the first one is probably a US site.
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by The Green Barbarian »

EDITORIAL: Feds playing Russian roulette with oil and gas

Prime Minister Justin Trudeau committed a classic political gaffe in January 2017 when he said in Peterborough, Ontario that Canada needed to “phase out” the oilsands and then, days later in Calgary, Alberta that “I misspoke. I said something the way I shouldn’t have said it.”

A political gaffe occurs when a politician accidentally tells the truth, which is what Trudeau did in Peterborough.

Flash forward to today and Environment Minister Steven Guilbeault, the former Greenpeace activist, is now talking about “the need to phase out unabated fossil fuels.”

He said the federal government is ending financial support for Canada’s fossil fuel energy sector, save for projects that are consistent with its climate change goals and reduce emissions through such technologies as carbon capture.

That has the premiers of Canada’s two leading energy-producing provinces —Alberta’s Danielle Smith and Saskatchewan’s Scott Moe — up in arms, warning about the economic consequences of Trudeau’s plan to reduce emissions from Canada’s fossil fuel energy sector by 42% compared to 2019 levels by 2030. They say that target is unrealistic, even with carbon capture.

While Guilbeault and Trudeau insist their plan is to cap emissions, not oil and gas production, Smith tweeted Monday about a report in the Globe and Mail citing a study by S&P Global that concluded in the oilsands alone, the federal government’s target would mean a cut in oil production of 1.3 million barrels a day, leading to the loss of 5,400 to 9,500 jobs.

Moe tweeted Saturday : “If it wasn’t clear before, it is now. The Trudeau government doesn’t want to just reduce emissions in our energy sector, they want to completely shut down our energy sector. This will devastate our economy and kill thousands of jobs.”

Trudeau and Guilbeault are playing Russian roulette with a major part of our economy. Canada is the world’s fourth- largest oil producer and fifth-largest producer of natural gas.

As of 2021, it accounted for 7.2% of Canada’s Gross Domestic Product or $168.2 billion annually: 442,100 direct and indirect jobs and 29% of exports, or $140 billion annually.

Given that nothing Canada does is going to have a significant impact on global emissions, much less the weather in Canada, they need to tread carefully.
https://www.msn.com/en-ca/money/topstor ... 6668d&ei=9
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by Catsumi »

From GBs quoted material

Given that nothing Canada does is going to have a significant impact on global emissions, much less the weather in Canada, they need to tread carefully
The Putz & Co. Do Not Think before they act. This is their greatest failing amongst the many.

They’ll not be happy until oil/gas is shut down to the point where only Easterners survive from what remains of the bounty.

This rotten, filthy and corrupt govt has to go, the sooner the better
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

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Catsumi wrote: Jul 17th, 2023, 6:38 pm From GBs quoted material

Given that nothing Canada does is going to have a significant impact on global emissions, much less the weather in Canada, they need to tread carefully
The Putz & Co. Do Not Think before they act. This is their greatest failing amongst the many.

They’ll not be happy until oil/gas is shut down to the point where only Easterners survive from what remains of the bounty.

This rotten, filthy and corrupt govt has to go, the sooner the better
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by Gone_Fishin »

Speaking of domestic subsidies...

Bon appétit!

Taste the crunch: cricket corporate welfare cost $420K


The federal government spent $420,023 since 2018 subsidizing companies that turn crickets into human food.

“Canadians are struggling as inflation pushes up grocery bills, but subsidizing snacks made out of bugs doesn’t sound like the right solution for taxpayers,” said Franco Terrazzano, CTF Federal Director. “If Prime Minister Justin Trudeau wants to take a bite out of crunchy crickets, he can do it without taking a bite out of taxpayers’ wallets.”

The Canadian Taxpayers Federation gathered the list of cricket corporate welfare deals by reviewing the federal government’s proactive disclosure of grants and contributions.

On two separate occasions, the feds cut cheques to a Montreal-based company called NAAK Inc., for a combined cost to taxpayers of $171,695.

The co-founders of NAAK were “introduced … to the benefits of adding insects to (their) diet” by a friend and describe their mission as “democratizing insect consumption.”

https://www.taxpayer.com/newsroom/taste ... -cost-420k
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Re: Canada to end domestic subsidies for unabated fossil-fuel production

Post by George Orwell 1984 »

Chirp , chirp

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