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Canada's Oil Sands: cashing in on curtailment cuts in Q2 2019

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06 August 2019

Canada's Oil Sands: cashing in on curtailment cuts in Q2 2019

Report summary

The upward momentum of increased prices across the board persisted in Q2. Western Canada Select (WCS) prices increased by 15% from Q1. Curtailments have continued to ease, bringing the limit to 3.71 million b/d, with another 25-kb/d reduction in both August and September set to increase the curtailment limit to 3.76 million b/d. Crude-by-rail exports have begun to increase, rising to 285 kb/d in May as operators expand their dedicated capacity. Consolidation continues as CNRL acquired Devon's Canadian assets in a Cdn$3.8bn deal. In Alberta, the quarter saw the removal of the carbon levy in favour of the Technology Innovation and Emissions Reduction (TIER) system and a reduction in corporate tax rates from 12% to 8% over the next three years. Federally, the Government of Canada announced that the Trans Mountain Pipeline (TMX) was greenlighted once more on 18 June.

Table of contents

  • Executive summary
  • Benchmark crude prices
  • WCS prices
    • TMX greenlighted (again)
    • CNRL continues to expand oil sands position
    • UCP scraps carbon levy - back to the future
    • Final(ly) Frontier?
    • Syncrude Mildred Lake Extension approved
    • Osum outperforms

Tables and charts

This report includes 10 images and tables including:

  • Benchmark pricing
  • Benchmark price performance
  • Historic WCS prices
  • Realised pricing
  • In-situ projects producing >35 kb/d
  • In-situ projects producing <35 kb/d
  • Curtailment - In-situ projects producing >30 kb/d
  • Curtailment - In-situ projects producing <30 kb/d
  • Mining project production
  • Crude by rail

What's included

This report contains:

  • Document

    Canada's Oil Sands Q2 2019.xlsx

    XLSX 380.83 KB

  • Document

    Canada's Oil Sands: cashing in on curtailment cuts in Q2 2019

    ZIP 1.17 MB

  • Document

    Canada's Oil Sands: cashing in on curtailment cuts in Q2 2019

    ZIP 1.16 MB

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