Canada oil sands: minding maintenance in Q2 2023

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The second quarter saw continued decreases in commodity benchmarks while WCS differentials shrunk. We address several topics facing oil sands operators and track the production performance of mining and in situ projects. Why did WCS prices behave differently to Brent and WTI? How much did planned maintenance impact Q2 production levels? What are operators doing with free cash flow? What progress industry is taking on addressing emissions reduction?

Table of contents

  • Executive summary
    • Bitumen and SCO realisations
    • Mining production
    • In situ production
    • Earnings and shareholder returns
    • Other topics
    • ConocoPhillips pre-empts 50% stake on Surmont
    • Strathcona going public
    • Emissions: 2021 project actuals and sustainability reports show early progress in slowing
    • Pathways Alliance

Tables and charts

This report includes 11 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 2021
  • Oil sands emissions

What's included

This report contains:

  • Document

    Canada oil sands Q2 2023.xlsx

    XLSX 494.41 KB

  • Document

    Canada oil sands: minding maintenance in Q2 2023

    PDF 1.94 MB