Leeches, cannibals, pyramid schemes – oil and gas royalty trusts have been labelled as all these and more. This is because they return much of their cashflow to their unitholders rather than investing it back into exploration. Others see trusts as having made the oil and gas industry in Canada more efficient, by returning money to shareholders that would otherwise have been spent on uncertain exploration prospects.
Whatever your view, one thing is certain: the current environment of high energy p
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