Tuesday, May 01, 2012

Syncrude and Suncor report first quarter results

The "big ole oil sand mines" released their first quarter results yesterday. Both had reduced oil sands production due to unexpected downtime. Syncrude produced at an average rate of 295,000 barrels per day over the quarter, down from 321,000 barrels per day in 2010's first quarter. Suncor produced 305,000 barrels per day from its oil sands projects (other than Syncrude, in which it is also a 12% partner), down from 322,000 last year. Suncor's overall production including non-oil sands assets was 562,200 barrels per day, down from 601,300 last year. By my calculations that means their conventional production fell by about 19,000 barrels per day. I wonder if a large part of this might have been disruptions to the company's operations in Libya as well as Syria, where it had a less significant presence.
Note that when I say "Syncrude reported", I really mean Canadian Oil Sands reported. Canadian Oil Sands are the largest partner in the joint venture that is Syncrude, having 37% of the project.

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