TD Cowen Only Sees Potential Impact on Energy Companies from Prolonged Canadian Rail Strike

** Says polled E&Ps and service companies do not appear to be concerned about a 1-2 week disruption, but thinks a longer service disruption “could be more problematic”

** Talks between Canadian National Railway, Canadian Pacific Kansas City and Teamsters union have deadlocked, rail companies say they will start locking out workers on Aug. 22

** TD Cowen says “it is our understanding that oil sands operators with excess storage have been aggressively stockpiling diesel in anticipation of this eventuality”

** “For the Alberta-based refiners (Imperial and Suncor ), diesel could temporarily get backed-up into the Edmonton region, potentially negatively impacting Q3/24 refinery utilization rates (but only modestly)”

(Reporting by Seher Dareen in Bengaluru)