Canada oil sands: profits abound in Q1 2021

Get this report


You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

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
    • WCS price performance
    • Bitumen and SCO realisations
  • In situ production
  • Mining production
    • Crude-by-rail
    • Operating costs
    • Earnings make a positive statement
    • Changes to mining security payments

Tables and charts

This report includes 10 images and tables including:

  • Benchmark prices
  • In situ projects producing >40 kb/d
  • In situ projects producing <40 kb/d
  • Mining project production
  • Benchmark price performance
  • Historical WCS pricing
  • Realised pricing
  • Crude by rail
  • Reported operating costs per barrel
  • Corporate net earnings for select oil sands companies

What's included

This report contains:

  • Document

    Canada's Oil Sands Q1 2021.xlsx

    XLSX 469.09 KB

  • Document

    Canada oil sands: profits abound in Q1 2021

    PDF 1.25 MB