Canada's Oil Sands: M&A dominates Q1 2017

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15 May 2017

Canada's Oil Sands: M&A dominates Q1 2017

Report summary

Oil sands headlines in Q1 2017 were dominated by two blockbuster M&A transactions for a combined US$23 billion. The recent transactions follow a wave of consolidation in the oil sands and now over 70% of oil sands production is concentrated in the hands of four of Canada's largest producers: Suncor, CNRL, Imperial Oil and Cenovus. Underneath the M&A headlines, oil sands production continues to increase and reached a new quarterly high of 2.47 million b/d, an increase of 9% from Q1 2016. Production growth has mostly been driven by the ramp-up of new phases, notably: Horizon Phase 2B, Surmont Phase 2, Christina Lake Phase F, Foster Creek Phase G and Sunrise Phase 1.

Table of contents

  • Executive summary
    • Realised prices in Cdn$/bbl
  • In situ production
  • Mining production
  • Operating costs
  • In situ project benchmarking
    • Cenovus doubles oil sands production with US$13.3 billion ConocoPhillips deal
    • CNRL increases oil sands mining exposure with AOSP deal
    • Other rumoured oil sands sellers include BP, Chevron and Total
    • Athabasca Oil sells royalty on recently acquired Leismer and Corner properties
    • Still waiting for Alberta government carbon tax update
    • Suncor announces plans to make Lewis regulatory application
    • British Columbia general election 2017: Christy Clark remains as Premier

Tables and charts

This report includes 11 images and tables including:

  • Benchmark prices
  • Benchmark price performance since Jan-2014
  • Historical WCS prices
  • In situ projects producing >40,000 b/d
  • In situ projects producing <40,000 b/d
  • Canada's Oil Sands: M&A dominates Q1 2017: Image 7
  • Mining operating costs
  • In situ operating costs
  • Steam oil ratio vs. average production per well
  • Production per well distribution curve
  • Canada's Oil Sands: M&A dominates Q1 2017: Image 4

What's included

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    Canada's Oil Sands Q1 2017.xls

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