Community Notes fact checks Singh for misspeaking about Cenovus profits

Community Notes pointed out NDP leader Jagmeet Singh was wrong when he said Cenovus generated $37 billion in profits in 2023. While Singh might have believed this, Cenovus said its profits were $4.1 billion in 2023 — down 36% from 2022. “Mr. Singh conflates revenue (which includes no expenses, government fees, or taxes) with profit,” said Community Notes in a statement..Cenovus said in February it had a net income of $4.11 billion in 2023. Meanwhile, it said its revenue was $52.2 billion in 2023 — down 22% from 2022. Its profit margin was 7.9% — down from 9.6% in 2022. The decrease in the profit margin was driven by lower revenue. Singh said Cenovus raked in $37 billion in profits in 2023. “And a whopping $64 billion in 2022,” he said. “Big Oil is making record profits, burning the planet, AND asking for massive public handouts.” In response, he said it was “time to end the free ride for Oil and Gas.”Singh said to Cenovus CEO Jon McKenzie that a Suncor executive bragged the Sun is shining and was time for Big Oil to make money because of Prime Minister Justin Trudeau expanding the Trans Mountain Pipeline. “But the Sun isn’t shining on Jasper or on the 200,000 other Canadians forced to flee their homes because of floods, fires, and climate disasters,” he said. “Do you accept a shared responsibility for Jasper burning down, for homes flooding, and for hurricanes that are tearing through communities?” When people see those natural disasters on television and those affected by them, McKenzie said their hearts go out to them. However, Singh said he shares a responsibility. National Post columnist Chris Selley said Community Notes came through. “Never mind the Liberal coup,” said Selley. “Where’s the NDP’s???”.Chipiuk Law lawyer Eva Chipiuk said this was $4 billion versus $40 billion. “Only someone in your position would make that kind of mistake and not realize it,” said Chipiuk. .Singh said in November he wanted to put a windfall tax on Alberta’s oil sector to pay the full cost of installing heat pumps in every home across Canada..Jagmeet calls for ‘windfall tax’ on Alberta oil to pay for heat pumps.That would be a tall order, as the average cost of replacing a gas-powered furnace with a heat pump is about $15,000 to $20,000 per piece plus installation.The NDP was split over supporting a Conservative motion to pause the carbon tax on home heating. The motion was not one to axe the tax.

Community Notes fact checks Singh for misspeaking about Cenovus profits

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