The CEO of Suncor Energy Inc. says the Alberta government's decision to end its oil production curtailment program in December after almost two years is "a very positive signal" for the oilsands and refining giant.

The cuts could make worse Calgary's downtown office vacancy rate, which climbed to 28.7 per cent as of the end of September from 27 per cent in June.

The all-share deal by Cenovus Energy Inc. to buy Husky Energy Inc. for about $3.8 billion will likely spark more mega-mergers among Canadian oil and gas majors, according to a veteran oilsands analyst.

Both Cenovus Energy and Suncor Energy reported millions of dollars in losses in the second quarter as they throttled back oil production amid a global crude market awash in surplus barrels.

The oilsands company says its loss amounted to 19 cents per share for the period ended June 30, compared with a profit of $1.45 per share or $1.78 billion a year earlier.

"The investment climate is shifting," Trudeau said after Cenovus, Suncor were among those banned from a trillion-dollar investment portfolio.

Canadian Natural Resources Ltd, Cenovus Energy Inc , Suncor Energy Inc, and Imperial Oil Ltd were excluded from the fund due to "unacceptable greenhouse gas emissions."

Cenovus reported a $1.8-billion loss in its first quarter as oil prices fell due to a drop in demand as a result of the COVID-19 pandemic and a oil price war between Saudi Arabia and Russia.

Cenovus says it is cutting its capital spending plan for this year by 32 per cent due to the recent plunge in world oil prices.

Crude-by-rail shipments by oilsands producer Cenovus Energy Inc. jumped to 120,000 barrels per day in January from 106,000 in December.