Insight
Canada's oil sands: losses mount in Q2 2020
Report summary
The second quarter of 2020 has been a roller coaster for the oil sands industry. The end of Q1 brought with it the beginnings of a severe oil price collapse and operators slashing 2020 capex and announcing production shut ins. The start of Q2 moved from bad to worse. WCS prices fell off a cliff to low single digits and the production curtailments announced in Q1 came into full effect in April and May. The outlook was grim. Company losses mounted in the quarter and earnings were abysmal with the six largest Canadian oil sands operators reporting a net loss over Cdn$2 billion. However, the ride kept going and the close of Q2 brought with it promise as prices began to rebound and the WTI-WCS differential tightened. Injured operators remain hopeful but cautious moving into Q3.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Canada oil sands Q1 2024: gearing up for TMX
Canadian oil sands producers continued higher production growth performance in Q1 2024 in anticipation of Q2 TMX pipeline startup.
$1,350
Insight
Canada oil sands: carrying momentum through Q4 2023
Canadian oil sands producers continued its streak of high operational performance in Q4 2023 despite weaker price realisations
$1,350
Insight
Canada upstream in brief
Our view on the key events as they unfold, covering oil sands, unconventional plays, western Canada, Arctic, and offshore East Coast.
$700