Will Diamondback news provide an up ladder for Canada's oil patch?

In our May 7th Morning INK Report, we recalled that technological innovation in places like the Permian Basin has helped to grow US daily crude production to over 13 million bbls/d in 2024. However, in a letter to shareholders on Monday, Diamondback Energy (FANG) CEO Travis Stice stunned the oil & gas industry saying, "Today, geologic headwinds outweigh the tailwinds provided by improvements in technology and operational efficiency."

If such a scenario were to play out, it could prompt more global investors to consider Canadian oil plays. With that in mind, on May 7th we looked at long-life development and production company Cardinal Energy (CJ) where insiders keep buying as the company builds out its thermal oil business. If you missed the report, you can download it from this blog post. We also featured the stock today in our weekend Globe and Mail insider buying and selling feature.

Cardinal Energy insiders keep buying

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