Canada oil sands: Q1 2022 net earnings top nine billion Report

Insight 10 May 2022

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Report summary

The first quarter of 2022 was dominated by macro events. Russia’s invasion of Ukraine has caused global supply chain disruptions, impacted energy security in Europe and sent global benchmark prices spiralling upward. Oil Sands producers are feeling the impact both in terms of growing sales revenues and increased energy costs. While oil sands production fell over 150,000 b/d, companies experienced record quarter earnings with focus remaining on returning value to shareholders through debt pay-down, share re-purchases and increased dividends.

Executive summary
Benchmark crude prices
- WCS price performance
- Bitumen and SCO realisations
In situ production
Mining production
Other topics
- Commitment to shareholder returns continues
- Operating costs grow
- Oil sands net zero pathways
- Elliott takes activist investor position in Suncor
- Suncor Base Mine Extension faces an uphill regulatory approval process
- Long Lake's upgrader rises from the grave