Avg. Daily Sales (bbl/d) n/a
Sales Price ($/bbl) n/a
Royalties ($/bbl) n/a
Cash Production Costs,
Excluding Natural Gas
($/bbl)
37. 29 n/a
Natural Gas Costs ($/bbl) 5.83 n/a
Total Production Costs
($/bbl) 43. 12 n/a
Netback ($/bbl) 32.81 n/a
SOURCE: CANADIAN NATURAL RESOURCES
89,256
78.76
2.83
46,844
65. 40
65. 40
71,578
69.11
2.19
68,140
76.33
3.06
37. 15
32. 36
36. 23
5. 50
4. 49
4.98
42. 65
36.85
41. 21
21.99
32. 36
32.06
Q1/2010 Q1/2009 Q2/2009 Q3/2009 Q4/2009
Canadian Oil Sands
Trust (Syncrude 34.76%
Interest)
39. 59
Suncor* 54.85
Nexen (Syncrude 7.23%
Interest) 38. 43
Canadian Natural
Resources (Horizon)** 43. 12 n/a
* Includes all oilsands operations except Syncrude interest.
** First sales from Horizon in Q2/2009.
38.78 50. 23
27.80
30. 18
33.70
31. 30 32. 25
38.70
36.95
57. 21 29. 50
36.95
42. 65 36.85
41. 21
Q1/2010 Q1/2009 Q2/2009 Q3/2009 Q4/2009
Canadian Oil Sands
Trust (Syncrude
34.76% Interest)
Suncor Light Sweet
Crude Oil
Nexen (Syncrude 7.23%
Interest)
Canadian Natural
Resources (Horizon)*
Marathon Oil
(Athabasca Oil Sands
Project 20% Interest)
* First sales from Horizon in Q2/2009.
82.06
55. 32
67.92
73.31
78.67
80.84
57.97
63.93
65.83
77.71
83.55
55. 48
71.58
76.31
55. 48
78.76
--
65. 40
69.11
--
73.76
38. 49
55.02
62.08
68.49
Q1/2010 Q1/2009 Q2/2009 Q3/2009 Q4/2009
Canadian Oil Sands
Trust (Syncrude 34.76%
Interest)
33.77
Nexen (Syncrude 7.23%
Interest) 38.03
Canadian Natural
Resources (Horizon)* 32.81
* First sales from Horizon in Q2/2009.
16.06
14. 36
35.26
40.02
18. 13
5. 53
36.73
18. 13
n/a
21.99
32. 36
“Production volumes in the first quarter of 2010 reflect the turn-
around advancement and extension on the LC-finer and associated
upgrading units and unplanned maintenance on other units. The turn-
around work was originally scheduled for the second quarter of 2010,”
reports Canadian Oil Sands Trust, largest owner of the Syncrude joint
venture. “By comparison, production during the first quarter of 2009
was impacted by constrained bitumen production and the start of the
Coker 8-3 turnaround.”
Operating costs over the two quarters were also similar, at an aver-
age $39.59 per barrel in the first quarter of 2010 and $38.78 per bar-
rel during the same period in 2009.
Although production volumes were much the same in the first
quarter of 2010 over the first quarter of 2009, Canadian Oil Sands
Trust enjoyed a significant increase in cash from operating activities
($309 million in 2010 versus $50 million in 2009), primarily a result
of stronger crude prices.
April 2010 saw two key developments for the Syncrude joint venture—first, Chinese state-owned firm Sinopec agreed to purchase
ConocoPhillips’ 9.03 per cent stake in the project, and second, the
Alberta government approved Syncrude’s revised tailings pond plans.
The trust says the plans include the development and implementation of three tailings systems: water capping, composite tails, and
centrifuge technology.
“Ramp-up at Horizon continues
with production at the high end of
expectations.”
Allan Markin, Chairman, Canadian Natural Resources
Athabasca oil sands Project—Marathon oil corporation
20 per cent interest
Production volumes also decreased at the Royal Dutch Shell–led
Athabasca Oil Sands Project (AOSP) during the first quarter of 2010.
During the first three months of 2010, synthetic crude oil (SCO) volumes averaged 105,000 barrels per day against average daily production of 130,000 barrels during the same period of 2009, reports
20 per cent venture owner Marathon Oil Corporation. However, despite lower production, Marathon reports a jump in its results for the
segment, although still a loss. In the first quarter of 2010, Marathon
recognized a $17-million loss, compared to a loss of $24 million in the
first quarter of 2009.
“The smaller segment loss in the first quarter of 2010 was primarily
related to higher realizations, with a 92 per cent improvement in real-
izations compared to the first quarter of 2009,” the company says.
“This was offset by lower volumes sold, primarily as a result of the
planned [AOSP] turnaround.”
The turnaround, which began in March, will cost Marathon a total
of up to $120 million, $30 million of which was recognized in the
first quarter.
“As a result of the turnaround, production was completely shut
down in April with a staged start-up of operations commencing in
May,” the company says, adding that the 100,000-barrel-per-day expansion of the AOSP is on track and expected to begin operations in
the second half of the year, with upgrader operations following in late
2010 or early 2011.
