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After racking up debt in 2020, the Canadian oilpatch is enjoying a rebound so far this year as major oil producers are gushing profits as oil prices are near a seven-year high. This week, many energy companies based in Calgary unveiled their latest earnings reports and for the second straight quarter, the industry showed hefty profits. The pandemic pain of last year appears to be firmly in the rearview mirror. “We’re seeing a renewed optimism in the industry,” said Liam O’Brien, a Calgary-based analyst with Sproule, an energy consultancy. Companies were forced to cut costs and find efficiencies as the sector has struggled since the oil price crash began in 2014. Oil prices reached historic lows last year because of a global supply glut combined with reduced fuel demand during the pandemic.

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