0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Syncrude
Suncor
Athabasca Oil
Sands Project
Horizon
Q1/2009
Q2/2009
Q3/2009
Q4/2009
Q1/2010
$/bbl
Bitumen
Q1/2010
$/bbl
Bitumen
Q4/2009
$/bbl
Bitumen
Q3/2009
Bitumen
production
Internal fuel
allocation
Total produced
bitumen costs
Upgrading
costs
Less: Internal
fuel allcoation
to bitumen
Bitumen
purchases
Total Syncrude
operating cost
22. 10
27. 53 16. 55
19. 23
15. 26 17. 61
3. 27
4.07
2.34
2.72
2.08
2.40
25.37
31. 6 18.89
21.95
17. 34 20.01
--
14. 28
--
10.96
--
9.77
--
( 4.07)
-- (2.72)
-- (2.40)
--
--
--
--
--
0.28
--
41.81
--
30. 19
-- 27. 66
Canadian
Oil Sands’
adjustments
--
(2.22)
--
(0.01)
--
0.14
Total operating
costs
--
39. 59
--
30. 18
-- 27.80
SOURCE: CANADIAN OIL SANDS TRUS T
* Canadian Oil Sands Trust adjusted its reporting effective Jan. 1, 2009, to reflect shift to
bitumen-based royalty.
“With both upgraders back to full production, we achieved an aver-
age oilsands production of approximately 330,000 barrels per day in
April—our strongest month on record,” George said in announcing
the quarterly results. “Oilsands production is firmly back on track.”
Expansion of the company’s firebag in situ project is also firmly
back on track after being derailed in early 2009 due to market condi-
tions. Construction on the $3.6-million firebag Stage 3 continues, as
well as engineering and planning for firebag Stage 4. Thanks to a de-
cision issued by the Energy Resources Conservation Board during the
quarter, Suncor now has regulatory approval for six stages of firebag,
which would bring total production capacity at the in situ project to
365,000 barrels per day.
syncrude—canadian oil sands trust 36.74 per cent interest
Production volumes from Canada’s largest oilsands mining project
were impacted in the first quarter of 2010 similarly to the first quarter of 2009, with reductions against capacity in both cases a result of
maintenance activities. Syncrude is designed to produce an average
of 350,000 barrels per day. In the first quarter of 2010, production
was at 269,000 barrels per day, compared to 274,000 barrels per
day in the first quarter of 2009.
Cash costs ($/bbl)
Q1/2010
46. 50
Q1/2009
30. 65
Q2/2009
29. 65
Q3/2009
30. 65
Q4/2009
35. 10
Natural gas ($/bbl)
5. 40
3.00
1.65
1.55
3. 40
Imported bitumen
($/bbl) 2.95 0.05 0 0.05
Totalcashcosts($/bbl) 54.85 33.70 31. 30 32.25
* Total oilsands operations including in situ production but excluding Syncrude stake.
0.20
38.70
Q1/2010 Q1/2009 Q2/2009 Q3/2009 Q4/2009
Avg. Daily Sales
(bbl/d) 99,286 102,825
Avg. Net Price (bbl/d) 82.06 55. 32
Operating Expenses
($/bbl) 39. 59 38.78
Royalties ($/bbl) 8.74 0.48
Netback ($/bbl) 33.77 16.06
SOURCE: CANADIAN OIL SANDS TRUS T
75,553 114,544 119,287
67.92
73.31
78.67
50. 23
3. 33
14. 36
27.80
10.25
35. 26
30. 18
8. 47
