Insight
Canada oil sands: profits abound in Q1 2021
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Q1 sees another record level oil sands production result, with strong growth this quarter coming from in situ projects. With curtailment lifted, projects are ramping up. Rail movements remain muted and will not increase in Q2 as planned mining maintenance lowers supply. Prices improved on the quarter too, which led to positive earnings announcements for the large oil sands players. Five companies posted net earnings of nearly Cdn$2.8 billion for Q1. Operating costs have remained stable through 2020 and now early 2021 as companies look to lock in the progress made in reducing costs.
Table of contents
- Executive summary
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Benchmark crude prices
- WCS price performance
- Bitumen and SCO realisations
- In situ production
- Mining production
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Other topics
- Crude-by-rail
- Operating costs
- Earnings make a positive statement
- Changes to mining security payments
Tables and charts
This report includes the following images and tables:
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Benchmark pricesIn situ projects producing >40 kb/dIn situ projects producing <40 kb/d
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Mining project productionBenchmark price performanceHistorical WCS pricingRealised pricingCrude by railReported operating costs per barrelCorporate net earnings for select oil sands companies
What's included
This report contains:
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