“What’s been discussed and agreed on unlocks this business in terms of investability,” Jon McKenzie said Wednesday of the new trilateral memorandum of understanding between the Oil Sands Alliance and the federal and Alberta governments. Signed earlier this month, the non-binding agreement aims to boost production from the oilsands while advancing the long-delayed Pathways carbon capture and storage project. (The Logic)

Talking point: The remarks are a sharp contrast with McKenzie’s tone just last month, when he called the proposed new West Coast oil pipeline “unfinanceable” by the private sector. The shift comes as Cenovus kicked off what’s expected to be a blockbuster second-quarter earnings season in the Canadian oilpatch. The company reported a profit of $2.87 billion, up sharply from $851 million a year earlier, driven by stronger oil prices.