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Canada oil sands: further consolidation on weakening fundamentals in Q1 2023

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The first quarter saw continued decreases in commodity benchmarks while WCS differentials contracted. We address several topics facing oil sands operators and track the production performance of mining and in situ projects. What is driving contracting WCS differentials? What are operators doing with free cash flow? What progress industry is taking on addressing emissions reduction? Environmental incidents and impacts on projects?

Table of contents

  • Executive summary
    • Bitumen and SCO realisations
    • Mining production
    • Kearl tailings seepage
    • Fort Hills
    • In situ production
    • Earnings and shareholder returns
    • Other topics
    • Suncor acquisition of TotalEnergies' oil sands assets
    • Pathways Alliance

Tables and charts

This report includes 9 images and tables including:

  • Benchmark prices
  • Benchmark price performance
  • Historical WCS differentials
  • Realised pricing
  • Mining project production
  • In situ projects producing >40 kb/d
  • In situ projects producing <40 kb/d
  • Reported net earnings
  • Corporate cash distributions since 2020

What's included

This report contains:

  • Document

    Canada Oil Sands Q1 2023.xlsx

    XLSX 519.06 KB

  • Document

    Canada oil sands: further consolidation on weakening fundamentals in Q1 2023

    PDF 1.07 MB