Canada's Oil Sands: business as usual in Q2 2017 Report

Insight 03 August 2017

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Report summary

Oil sands production often decreases in the second quarter for planned maintenance work and this year saw that trend continue for both in situ and mining projects. Several projects bucked the trend and increased output. Lower global oil prices were offset by a narrow WCS differential and producers continue to keep operating costs near all time lows. The major deals of Q1 2017 closed during the second quarter and integration is off to a positive start. Cenovus continued ramp up at Christina Lake and successfully completed a turnaround at Foster Creek on time and on budget. At the Athabasca Oil Sands Project, Canadian Natural Resources reported an exit rate above plant capacity and historically low operating costs.

Executive summary
Benchmark oil prices and bitumen realisations
In situ production
Mining production
Operating costs
Market performance compared to US Permian focused firms
Significant events
- A new era begins in the oil sands
- Capex adjustments
- A WCS renaissance?
- Total disputes Fort Hillscosts