The operating cost of extracting bitumen in Canada's oil sands tops out at US$37/bbl for in-situ projects and US$40/bbl for mining projects. It is amongst the highest of all project types globally. With low oil prices, companies will see oil sands cash flows fall by US$21 billion in 2015 and 2016 combined. We calculate that over US$35 billion of remaining present value has evaporated in the region. Regardless the oil sands remain viable and hold considerable long-term value.