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Canada oil sands: navigating volatile WCS in Q3 2022

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10 November 2022

Canada oil sands: navigating volatile WCS in Q3 2022

Report summary

Prices moderated in Q3 222 compared to the high marks seen in Q2. WCS discounts returned to the conversation. Despite the price changes, operators reported strong earnings and continued on the strategy to reduce debt and return value to shareholders through both dividends and share re-purchases. We also highlight Canada's new share buyback tax, Teck's exit from Fort Hills and several notable operating milestones.

Table of contents

  • Executive summary
    • WCS price performance
    • Bitumen and SCO realisations
    • In situ production
  • Commitment to shareholder returns continues
    • Fort Hills working interest sale
    • TotalEnergies oil sands spinout
    • Pathways cost revealed
    • Corporate buybacks see new tax scrutiny

Tables and charts

This report includes 9 images and tables including:

  • Benchmark prices
  • Corporate cash distributions since 2020
  • Benchmark price performance
  • Historical WCS pricing
  • Realised pricing
  • In situ projects producing >40 kb/d
  • In situ projects producing <40 kb/d
  • Mining project production
  • Percentage of operating costs from energy/fuel

What's included

This report contains:

  • Document

    Canada Oil Sands Q3 2022.xlsx

    XLSX 469.70 KB

  • Document

    Canada oil sands: navigating volatile WCS in Q3 2022

    PDF 1.16 MB