From an article by Jeff Lewis published 24 Feb 2015 by The Globe and Mail under the headline:
Canada’s energy slump to wipe out $23-billion over two years
The slump in Alberta’s energy sector is set to wipe out billions more in corporate earnings, complicating growth plans and putting investor dividends at greater risk.
An analysis of more than 30 major oil sands projects by consultancy Wood Mackenzie Group says as much as $23-billion (U.S.) of cash flow will disappear over the next two years – even if U.S. crude oil prices rise to $55 a barrel this year and $65 in 2016 from today’s lows.
Even as the energy sector reels from the sharp drop in oil prices, the Edinburgh-based consultancy said a series of expansions and new projects where investments were made long before oil prices hit the skids will add as much as 458,000 barrels per day of oil sands production over the next two years.