Canada oil sands: recording more records in Q4 2022

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The fourth quarter saw decreases in key commodity benchmarks and additionally growing WCS differentials. We address several topics facing oil sands operators and production performance of mining and in situ projects. What is driving widening WCS differentials? What new greenfield and brownfield project production capacity increases have occurred? What operators are doing with free cash flow? What progress industry is taking on addressing emissions reduction?

Table of contents

  • Executive summary
    • Western Canada Select (WCS) pricing
    • Bitumen and SCO realisations
    • Mining production
    • In situ production
    • Growth plans start to materialise
    • Operating costs
  • Earnings and shareholder returns
    • Leadership changes at Suncor and Cenovus
    • Kearl tailings spill
    • Fort Hills sees another ownership shuffle
    • Pathways Alliance
    • Alberta Government adds more teeth to TIER carbon tax and announces provincial budget

Tables and charts

This report includes 9 images and tables including:

  • Benchmark prices
  • Reported net earnings
  • Corporate cash distributions since 2020
  • Benchmark price performance
  • Historical WCS pricing
  • Realised pricing
  • Mining project production
  • In situ projects producing >40 kb/d
  • In situ projects producing <40 kb/d

What's included

This report contains:

  • Document

    Canada Oil Sands Q4 2022.xlsx

    XLSX 470.01 KB

  • Document

    Canada oil sands: recording more records in Q4 2022

    PDF 1.10 MB