Thursday September 19, 2019
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The $30 Billion Exodus: Foreign Oil Firms Are Bailing on Canada

by Kevin Orland

Capital keeps marching out of Canada’s oil industry, with Kinder Morgan Inc.’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years. Pembina Pipeline Corp., based in Calgary, is snapping up Kinder’s Canadian assets and a cross-border pipeline in a $3.3 billion deal. For Houston-based Kinder, the deal completes an exit from a country that has frustrated more than a few companies — from ConocoPhillips and Royal Dutch Shell Plc to Marathon Oil Corp.

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