Canada's Oil Sands: highlights from Q4 2014 results
The headline story from this quarter is the impact of low oil prices. Western Canada Select (WCS) saw an unprecedented drop from a monthly average of US$78/bbl in September to US$43/bbl in December. The value of upgraded synthetic crude oil (SCO) slipped down 22% over the quarter. New project start-ups at Husky and BP's Sunrise, Nexen's Kinosis, and Imperial Oil's Cold Lake Nabiye projects will continue to drive further production increases in 2015 as volumes ramp up.