Calgary energy companies removed from S&P/TSX composite index

CALGARY (660 NEWS) – It’s the latest sign of how much Canada’s oil and gas sector is struggling.

This week, eight Calgary-based energy companies were removed from the S&P/TSX index because they no longer meet minimum requirements.

The companies are Birchcliff Energy, Ensign Energy Services, Kelt Exploration Ltd, Nuvista Energy Ltd, NexGen Energy Ltd, Precision Drilling Corp, Peyto Exploration and Development Corp and TORC Oil and Gas Ltd.

Tim Pickering with Auspice Capital said its foreign investment in Canada’s oil patch has been drying up for some time.

“That shouldn’t be a big surprise in the sense that the energy sector’s been very beat up over the last five years.”

He goes on to say there’s been a dramatic drop off for energy companies in the last few years.

“Right now, energy makes up approximately 17 per cent of the overall index and that’s down from 25 per cent about five years ago.”

Pickering said if delisted firms can get back into the exchange after one year if the company’s value bounces back.

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