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