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8 Pages

Canada's Oil Sands: highlights from Q1 2016 results

Canada's Oil Sands: highlights from Q1 2016 results

Report summary

The oil sands industry continued an uphill battle in Q1 2016 as benchmark WTI oil prices continued their decline to prices not seen since the early millennium. Even though oil sands operators have reduced operating costs, bitumen realisations declined to the lowest prices yet in the current downturn. The depreciating Canadian dollar throughout the quarter helped producers mitigate some of the damage.

An industry that has already been hit hard by prices will be further impacted by the massive wildfires in Fort McMurray. At the time of writing more than one million boe/d of production has been shut down. Projects impacted include the Suncor mine and upgrader, Firebag, MacKay River, Athabasca Oil Sands Project, Syncrude, Sunrise, Surmont, Hangingstone, and Long Lake. The fire is aggressive and has the potential to threaten further shut down of projects in the region.

What's included?

This report includes 2 file(s)

  • Canada's Oil Sands: highlights from Q1 2016 results PDF - 698.73 KB 8 Pages, 0 Tables, 9 Figures
  • Canada's Oil Sands highlights from Q1 2016.xls XLS - 555.00 KB


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  • Executive summary
  • Benchmark oil prices and bitumen realisations
  • In situ operating netbacks
  • Mining production
  • Mining production
  • In situ production
  • Operating costs
  • Significant events in the oil sands
    • Wildfires force project shut downs
    • Suncor increases exposure to Syncrude mining project
    • Husky divests Lloydminster midstream assets for Cdn$1.7 billion
    • Fatal explosion at Nexen's Long Lake facility

In this report there are 9 tables or charts, including:

  • Executive summary
  • Benchmark oil prices and bitumen realisations
    • Benchmark prices vs. bitumen realisations
    • Bitumen discount relative to benchmark prices
    • Canada's Oil Sands: highlights from Q1 2016 results: Image 3
  • In situ operating netbacks
    • Cenovus Foster Creek Q1 2016 netback
  • Mining production
  • Mining production
    • Canada's Oil Sands: highlights from Q1 2016 results: Image 5
  • In situ production
    • In situ projects producing >30,000 b/d
    • In situ projects producing <30,000 b/d
  • Operating costs
    • Quarterly operating costs for reporting projects
  • Significant events in the oil sands
    • Canada's Oil Sands: highlights from Q1 2016 results: Image 9
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