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Canada's Oil Sands: highlights from Q1 2016 results

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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 theSuncor 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.

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Tables and charts

This report includes 9 images and tables including:

Images

  • Benchmark prices vs. bitumen realisations
  • Bitumen discount relative to benchmark prices
  • Canada's Oil Sands: highlights from Q1 2016 results: Image 3
  • Cenovus Foster Creek Q1 2016 netback
  • Canada's Oil Sands: highlights from Q1 2016 results: Image 5
  • In situ projects producing >30,000 b/d
  • In situ projects producing <30,000 b/d
  • Quarterly operating costs for reporting projects
  • Canada's Oil Sands: highlights from Q1 2016 results: Image 9

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