Canada's Oil Sands: enduring the worst of the storm in Q4 2018 Report

Insight 08 March 2019

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Report summary

Q4 2018 was a tough time to be an oil sands producers. Western Canadian Select (WCS) prices hit record monthly lows in November and December. The Alberta government intervened to address the low prices and mandated a production curtailment for 2019. Although prices were depressed, the oil sands reached record production during Q4, led by strong growth from mining projects. Oil sands producers were dealt an additional blow in March 2019 when Enbridge announced its Line 3 pipeline project in-service date would be delayed from Q4 2019 to H2 2020.

Executive summary
Benchmark crude prices
WCS prices
Bitumen and SCO realisations
In situ production
Curtailment
- Mining production
- Operating costs
- Crude by rail
- Other significant events
- Enbridge Line 3 replacement project delayed
- NEB approves Trans Mountain expansion pipeline, again
- Aspen FID – Imperial Oil
- Husky abandons hostile bid for MEG Energy
- 4 more item(s)...