Canadian Oil Sands profit falls but beats estimates


Canadian Oil Sands (OTCQX:COSWF) reports declines in Q2 earnings and revenue, but it still beat profit expectations despite the shutdown of two of its main refining facilities.

Q2 EPS fell to C$0.36 from C$0.45 in the year-ago quarter, reflecting lower sales volumes and higher royalty charges; revenue fell 15% to C$786M.

Q2 operating expenses rose 6% Y/Y to C$418M due to the unplanned outages as well as higher natural gas costs.

Sales volumes averaged ~77K bbl/day, down from ~100K bbl/day a year earlier.

Cash flow fell 29% to C$240M.

Lowered its full-year production outlook to 95M-102M barrels from a previous estimate of 95M-105M barrels.

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