Canada's Oil Sands: highlights from Q2 2016 results Report

Insight 08 August 2016

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Report summary

A recovery in global oil prices provided a welcome respite for oil sands producers as benchmark WTI oil prices climbed out of the Q1 2016 doldrums. Further operating cost cuts combined with more favourable bitumen realisations lessened the gloom around the industry after a challenging Q1 2016. Along with increasing WTI prices, both WCS and bitumen discounts stayed relatively constant in absolute terms with some players reporting positive netbacks in this low oil price environment. The Canadian dollar also recovered slightly in Q2 with the rise of global oil prices. The full impact of the Fort McMurray wildfire was on display in Q2 results, with the majority of mining producers reporting large production cuts due to the fire. Some in situ producers also suffered from shut in production.

Executive summary
Benchmark oil prices and bitumen realisations
- Realised prices in Cdn$/bbl
In situ production
Mining production
- Mining production
Operating costs
- Quarterly operating costs for reporting projects
Significant events
- Wildfire fallout
- Continued problems at Long Lake
- New tailings regulations
- Suncor issues Cdn$2.5 billion in equity
- Devon sells its 50% stake in the Access Pipeline
- Husky divests select midstream assets
- Enbridge and Marathon team up in North Dakota