As you probably know, Fort McMurray, Alberta, is up there -- way up there. But since it's the de facto center of Canada's oil-sands boom, it's probably not surprising that a couple of fellows named Buffett and Gates have recently been sighted poking around the area, according to the Calgary Herald.
According to reports, the two U.S. billionaire pals were guests of Canadian Natural Resources (NYSE:CNQ), one of the leading lights in the upsurge in oil-sands activity during the past few years. Canadian Natural operates out of Calgary -- the Canadian energy-hub equivalent of Houston -- where you'll also find several other active producers, including TransCanada (NYSE:TRP), Petro-Canada (NYSE:PCZ), Imperial Oil (NYSE:IMO), Talisman Energy (NYSE:TLM), and Suncor Energy (NYSE:SU).
Canadian Natural has a diverse business that includes conventional oil, gas, and bitumen production in western Canada; the aforementioned work in the oil sands; and oil and gas exploration and production in the U.K. portion of the North Sea. It also works offshore the Ivory Coast and Gabon in West Africa. In addition, it's also involved in midstream activities, with pipeline operations and an electricity cogeneration system.
There's been talk for some time that Buffett sports an interest in oil sands, in part because they're less speculative than conventional drilling. At the same time, however, the operations in Alberta have come under increasing fire from environmental groups for their effects on air and water quality. So what better way for Buffett to form his own opinion than to grab Gates and head off for a look-see?
We can't confirm the two gentlemen's reaction to what they saw, other than to point out that the Calgary Herald indicated that they were impressed by their trip. Yet just that is enough for Canadian Natural to get some attention from us. It's not often you can get the A-team to do your legwork.
Canadian Natural Resources has a five-star rating with Motley Fool CAPS members. Without heading to Alberta, would you like to cast your ballot?
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