Canada oil sands: recording more records in Q4 2022 Report

Insight 06 March 2023

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Report summary

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?

Executive summary
Benchmark crude prices
- Western Canada Select (WCS) pricing
- Bitumen and SCO realisations
Production
- Mining production
- In situ production
- Growth plans start to materialise
- Operating costs
Earnings and shareholder returns
Other topics
- 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