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Canada's Oil Sands: Highlights from Q4 2013 results

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Report summary

Operational reliability improved across the oil sands sector in the last quarter of 2013. Each of the five mining projects achieved the highest quarterly production rates of the year. In situ production also fared well on aggregate with quarter on quarter gains at Christina Lake and MEG Christina Lake offsetting reductions at Primrose. However production gains did not translate directly to increased profits as price realisations fell sharply for both bitumen and upgraded synthetic crude.

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Table of contents

  • Price reductions impact both bitumen and synthetic crude producers
    • Ramp up from new phases and projects
    • Operational issues impact projects
    • Operators pursue attractive economics of brownfield expansions
    • Enbridge Line 3 Replacement may be at an advantage
    • Rail terminal build out provides additional opportunities
    • Diluent recovery investments to ease exposure to Alberta condensate premium
  • Economic assumptions

Tables and charts

This report includes 6 images and tables including:

Images

  • Bitumen prices and average WTI differential
  • Synthetic crude differentials to WTI
  • Mining quarterly production
  • In situ quarterly production
  • Indicative Q4 2013 pricing: piped bitumen to PADD II
  • Indicative Q4 2013 pricing: railed bitumen to USGC

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