Canada oil sands: new production highs in Q3 2023 Report

Insight 09 November 2023

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Report summary

Canadian oil sands sector hits record-breaking milestones this quarter after recovering from maintenance and turnarounds. Here are the Q3 highlights that you need to know: CNRL production achieves an all-time high, with liquids production surpassing 1 million b/d. With expansion on the horizon, producers ramp up output in preparation for the completion of Trans Mountain Expansion. Imperial's completion of phase one of the Grand Rapids Project at Cold Lake promises a 40% cut in energy use and production increase of 15,000 b/d. Producers are maintaining disciplined financial strategies, leveraging higher oil prices to strengthen balance sheets and increased dividends.

Executive summary
Benchmark crude prices
- Bitumen and SCO realisations
Production
- Mining production
- In situ production
- Earnings and shareholder returns
- Other topics
- Suncor closes Fort Hills deal, no longer pursuing Meadow Creek.
- Commercial Solvent Technology
- Key Updates on Pathways Alliance