"It Matters Where The Barrel Comes From" Featuring Kendall Dilling, Pathways Alliance
We had a fantastic session today with Kendall Dilling, President of Pathways Alliance. Based in Calgary, Alberta, Pathways Alliance was formed by Canada’s six largest oil sands producers (who account for 95% of oil sands production) to achieve net-zero greenhouse gas emissions from their operations by 2050. To do so, they have created a “doable, credible net-zero plan” and are working with federal and provincial governments to meet their target. Kendall has over 20 years of technical and environmental experience in the energy industry and it was our pleasure to visit with him and learn about the great work at Pathways Alliance. To help guide today’s discussion, Kendall shared a presentation covering the vision that drives the Pathway Alliance. In the walkthrough with Kendall, we discuss long range oil supply and demand forecasts, the six companies involved and their mission, Pathways Alliance’s three-stage solution to net-zero, the major CCUS system and transportation line from oil sands in northern Alberta to a storage hub near Cold Lake, additional major projects including electrification, examples of additional technologies that could be developed and deployed to reduce emissions past 2030, and a comparison of ESG oil scores across the globe showing why cleaner Canadian and US oil should be the preferred barrels globally. It was a fantastic overview that spurred many questions and comments from the team. We wrapped with where Kendall sees Canadian energy ten years from now. To start the show, Mike Bradley reviewed energy equity and commodity performance from the past week, flagging sideways trading in crude oil, modestly improving Brent time spreads and US natural gas continuing its slide lower. He then focused on major oil companies with many reporting earnings this last week and offered up several reasons why EU Oil Majors are outperforming US Oil Majors this year. He wrapped by emphasizing Canadian energy’s influence on the US and how it will become even more important as US shale production plateaus. Arjun Murti, part of Veriten’s Advisory Board, also joined today’s show and shared his arguments for why Canadian oil should be praised for being profitable, abundant, affordable, reliable, and as clean as anywhere in the world. We look forward to staying connected with the team at Pathways Alliance and watching their progress in the months and years to come. Thanks to you all!