Canada's Oil Sands: highlights from Q4 2015 results

Loading current market price

Get this report

Loading current market price

Get this report as part of a subscription

Enquire about Subscriptions

Already have subscription? Sign In

Further information

Pay by Invoice or Credit Card FAQs

Contact us

For further information about this report submit the form below.

  • An error has occurred while getting captcha image

Report summary

The oil sands industry showcased its resiliency in Q4 2015, but the biggest challenge to date will be Q1 2016. Oil sands operators continue to cut operating costs while getting a helping hand from depressed natural gas prices. Producers posted positive operating margins in Q4 2015 and as long as companies are making an operating profit the possibility of shutting in is doubtful. The first quarter of 2016 will further test producers resolve as many will likely post negative operating margins.In Q4 earnings a trend emerged as several oil sands producers announced that they would be increasing oil sands production output through de-bottlenecking and optimisation efforts. Rather than shutting in, producers have instead focused on bringing costs on a per barrel basis down by increasing production and focusing on optimisation and debottlenecking initiatives.

What's included

This report contains

  • Document

    Canada's Oil Sands highlights from Q4 2015 results.xls

    XLS 527.00 KB

  • Document

    Canada's Oil Sands: highlights from Q4 2015 results

    PDF 425.40 KB

  • Document

    Canada's Oil Sands: highlights from Q4 2015 results

    ZIP 579.80 KB

Table of contents

  • Executive summary
  • Benchmark oil prices and bitumen realisations
  • Oil sands operating netbacks
  • Oil sands producers focus on project optimisation
  • Mining production flat as Kearl approaches design capacity
  • In Situ production reaches record levels
    • Production increases
    • Production decreases
  • Planned turnarounds for 2016
    • Oil sands royalty framework maintained
    • Landmark Quest Carbon Capture and Storage facility comes online
    • Suncor and Canadian Oil Sands deal comes to a close

Tables and charts

This report includes 9 images and tables including:


  • Benchmark prices vs. bitumen realisations
  • Bitumen discount relative to benchmark prices
  • Realised prices in Cdn$/bbl
  • Cenovus Foster Creek Q4 2015 netback - actual
  • Foster Creek netback estimate - US$30/bbl WTI
  • Mining Production
  • In situ projects producing >35,000 b/d
  • In Situ Projects producing <35,000 b/d


  • In situ oil sands projects increasing production output or capacity in 2016

Questions about this report?

  • Europe:
    +44 131 243 4699
  • Americas:
    +1 713 470 1900
  • Asia Pacific:
    +61 2 8224 8898