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Alberta’s energy minister is “disappointed” petroleum producers haven’t boosted spending in the wake of the province lowering corporate taxes, but Sonya Savage is preaching patience — saying it will take time for the payoff to be felt.

The UCP government reduced the corporate income tax rate by one percentage point to 11 per cent effective July 1, part of a plan to lower it to eight per cent by 2022 to ignite job creation.

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In second-quarter financial reports, several large oil and gas producers noted the impact on their bottom line. Only a few firms have increased spending plans that would create more employment.

“Some of them are using it to buy back shares and to reposition (and) balance their books. It’s the same as when you come across a windfall as a private citizen, you pay down the mortgage,” Savage said in an interview.

“We would like to see that money being invested into jobs. We’d like to see it being invested into projects; we’d like it to stay here in Alberta to create jobs.