QUARTERLY FINANCIALS
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RAMPING UP RELIABILITY
Operational and financial results analysis—Q1/2010
A number of Alberta’s oilsands producers are looking ahead to improved reliability and
increased production volumes as they put both scheduled and unplanned maintenance
behind them. Others are commissioning expansions or enjoying the fruits of those
recently completed, while benefiting from relatively robust crude oil prices. Here are
the operational and financial results of key producers in the first quarter of 2010.
MINING
Suncor Energy—operated mining and in situ assets 100
per cent interest
Now Canada’s largest energy company by market cap, Suncor
Energy saw production from its operated mining and in situ oilsands
assets decrease by about 75,000 barrels per day in the first quarter
of 2010 versus the same period in 2009. The company blames the
reduction on unplanned maintenance relating to two recent upgrader
fires, one in December 2009 and the other in February 2010. In addition to lost sales, the decreased production resulted in a $21 increase
in per-barrel operating costs.
Despite the lower volumes, Suncor reported oilsands net earnings for
the quarter at $76 million compared to a loss of $110 million in the same
quarter of 2009, most likely due to significantly higher crude prices.
And, now that both upgraders are up and running again, president
and chief executive officer Rick George says the company has reached
new production heights.
