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Page added on July 30, 2013
Canadian Oil Sands profit more than doubles
Canadian Oil Sands Ltd , which owns the largest stake in the Syncrude Canada Ltd oil sands project in northern Alberta, said on Tuesday its quarterly profit more than doubled on higher oil production and strengthened prices.
Canadian Oil Sands, which has a 37 percent stake in the massive Syncrude tar sands mining and synthetic crude operation, said profit rose to C$219 million ($213 million), or 45 Canadian cents per share, in the second quarter from a year-earlier C$101 million, or 21 Canadian cents.
Analysts, on average, had expected a profit of 52 Canadian cents a share, according to Thomson Reuters I/B/E/S.
During the quarter, production averaged 110,100 barrels per day, up 23 percent from a year earlier, with operating costs averaging C$43.23 a barrel, compared with C$50.25 a barrel last year.
A coker at Syncrude has been shut for maintenance since June, reducing supply and pushing the average price of synthetic crude up to $4.89 per barrel above West Texas Intermediate over the quarter, compared with a discount of $1.85 per barrel below WTI during the same period in 2012.
The company’s cash flow, a measure of ability to pay for new projects, rose 40 percent to C$343 million, or 71 Canadian cents, from C$245 million, or 51 Canadian cents, in the year-before quarter.
6 Comments on "Canadian Oil Sands profit more than doubles"
BillT on Wed, 31st Jul 2013 12:50 am
“Canadian Oil Sands profit more than doubles”
Canadian wildlife and population suffers more than double the past pain and death.
The tombstone of Canadians will read:
“Made a big profit and died young.”
DC on Wed, 31st Jul 2013 1:04 am
Nooo, its the US oil corporations that actually control it that are the making the big profits. The alberta gov’t cant even balance its own books despite how much whoring they do in washington and Europe on its behalf. Syncrude is a stalking horse for uS control over our resources.
As for the rest of it, those dollars, even if the Canadian people kept 100 cents on the dollar, wouldnt begin to reverse the damage the tar-sands are and will do.
Arthur on Wed, 31st Jul 2013 10:35 am
Don’t get me wrong, I am against these oil sands practices. On the other hand, what happened to EROI? How is it possible to make a profit on this garbage if EROI would be 2-3? Could it be that technology has made the production process more efficient?
Luke on Wed, 31st Jul 2013 10:35 am
Canadians and their neoliberal Harper Regime will find out that their dollars and cents can’t be eaten after soil, water, air, wildlife has been destroyed by Big Oil.
rollin on Thu, 1st Aug 2013 12:53 am
I wonder what the cost per barrel would be if the companies had to pay for all the damage their mining and end use does to the world? I don’t think there is any real profit, the companies are just wrecking the planet at no cost to them and we are paying them to do it.
Niav on Fri, 2nd Aug 2013 12:20 am
@Arthur
EROEI and Cash(profit) are too different things.
A business will exploit any ressource even if its an energy sink (EROEI<1) as long as it generates a profit.
In fact, this is exactly what's done with biofuels.