Green Car Congress  
Go to GCC Discussions forum About GCC Contact  RSS Subscribe Twitter headlines

« GM: “Live Green Go Yellow” | Main | Quantum Delivers First 5 of 30 Hydrogen-Fueled Hybrids »

Print this post

Gold in the Sands

25 January 2006

Mining2

Two haul trucks empty their load of oil sand into the top of a double roll crusher in the Syncrude project. Photo: Syncrude.

Companies participating in Canada’s oil-sands boom just turned in some hefty financial results.

Annual profits at Canadian Oil Sands Trust (COST) jumped 63 per cent to C$831 million and cash flow topped the C$1 billion mark in 2005. COST is the largest owner in the Syncrude joint venture.

The Syncrude Project is a joint venture undertaking among Canadian Oil Sands Limited Partnership, Canadian Oil Sands Limited, Conoco Phillips Oilsands Partnership II, Imperial Oil Resources, Mocal Energy Limited, Murphy Oil Company Ltd., Nexen Oil Sands Partnership, and Petro-Canada Oil and Gas, as the project owners, and Syncrude Canada Ltd. as the project operator.

The strong earnings came despite the fact that Syncrude’s yearly production fell 10% from 2004 levels to 78.1 million barrels due to major turnaround and repair work that took longer than expected.

Canadian Oil Sands also reported that per barrel operating costs climbed 36% to an average of C$26.34 per barrel, reflecting the year’s lower production levels, more expensive repairs and a higher cost of energy required to turn the oil sands into synthetic crude.

Shell Canada Ltd., a Canadian oil company controlled by Royal Dutch Shell, said fourth-quarter net income more than tripled on higher fuel prices and increased output from its Alberta oil-sands project.

Higher oil-sands production and prices boosted the company’s oil-sands earnings to C$196 million, up from C$13 million a year earlier when maintenance work reduced output and increased costs. Operating costs in Q4 2005 dropped 29% to C$23.87 a barrel.

Shell Canada’s share of the output from the Athabasca Oil Sands Project increased 62% in the quarter to 106,800 barrels a day. The synthetic oil produced from the bitumen at Shell’s Edmonton, Alberta, refinery sold for $56.99 a barrel, up 28% from a year earlier.

The Athabasca development, in which Shell Canada has a 60 percent stake, had total output of about 178,000 barrels a day in the quarter, up from 109,800 barrels a day in the year-earlier period. Other project owners each having a 20% stake are Chevron and Calgary-based Western Oil Sands Inc.

Shell Canada and partners in the oil-sands joint venture said last August they would spend C$7.3 billion to expand by 2010 the project’s production and refining capacity to 280,000 barrels a day.

January 25, 2006 in Oil sands | Permalink | Comments (1) | TrackBack (2)

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c4fbe53ef00d8345a3b3169e2

Listed below are links to weblogs that reference Gold in the Sands:

» Are the oil companies earning enough profits yet? from Econbrowser
"Drivers Upset By Record Oil Company Profits", reports CBS3 News in Philadelphia, and quotes one driver as describing the oil companies as: "Robbers, thieves, taking advantage of the peop... [Read More]

» Are the oil companies earning enough profits yet? from Econbrowser
"Drivers Upset By Record Oil Company Profits", reports CBS3 News in Philadelphia, and quotes one driver as describing the oil companies as: "Robbers, thieves, taking advantage of the peop... [Read More]

Comments

These corporations should be paying huge CO2 taxes for their operations, and that money should be going towards renewable transportation implementation. Probably never happen now with the new Canadian PM.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Green Car Congress © 2014 BioAge Group, LLC. All Rights Reserved. | Home | BioAge Group