Canada oil sands: profits abound in Q1 2021 Report

Insight 11 May 2021

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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.

Executive summary
Benchmark crude prices
- WCS price performance
- Bitumen and SCO realisations
In situ production
Mining production
Other topics
- Crude-by-rail
- Operating costs
- Earnings make a positive statement
- Changes to mining security payments