How the Oil Sands Became the Lowest-Cost North American Producer

After the oil price crash of 2014-15, global energy majors like BP (NYSE:BP), Chevron (NYSE:CVX), and TotalEnergies (NYSE:TTE) sold their interests in the Canadian oil sands, at the time classifying their Canadian operations as among the most expensive and least profitable.

Thus, the majors redirected capital to cheaper oil production, favoring US shale for its quicker drilling time and returns. They may end up regretting that decision.