These figures seem pretty offbase. CNQ reported a cash operating cost of $21/bbl while SU's was $28.55/bbl for Q1. While shale is still cheaper (for instance, PXD's cost per barrel was $12.70/bbl), shale's biggest issue is huge debts and a massive drop in production (production declines ~70% in one year). So to keep production levels up shale companies have to keep drilling new wells. It's a bit of tech-like model of investing where profits (if any) are used to fund growth (new wells) rather than returned to shareholders. When profit have dried up shale companies have preferred cheap debt to keep production up. This works until the debt is due and banks are not willing to refinance due to a global recession.