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Q4 2014 was a terrible time for most of Albertas oil patch, culminating in
several big net loss quarters and deteriorating balance sheet and cash
outflows for many companies. Moving onto the end of the abysmal Q1 2015,
we have seen 6 months of depressed oil commodity prices, with expectations
of recovery on sight for 2018 to 2020. Now this sorry state of affairs has
reared its ugly head many a times in Alberta, yet we must act like sitting
ducks gingerly waiting for Armageddon. Surely, there must be a better way
for Alberta!
To our great relief, the Albertan oil patch has not seen a slew of
delinquencies previously predicted by many prominent newspaper outlets,
especially business magazines. There have been a couple of small defaults;
These companies were small producers in capital transitory state who got
caught in the protracted energy cycle and did not have proper contingency
plans in place for a temporary severe stress on their balance sheets. Aside
from a select few, companies have remained a Going Concern, albeit some
have relayed or will relay stresses to their Going Concern position in their
Annual Reports.
What we are seeing today in the industry is a culmination of several factors
that have hit the industry hard. But lest I digress, I will save it for another
time and focus on the task at hand. The Provincial Governments