Conoco plans 4-5 week turnaround at Surmont oil sands project


ConocoPhillips (NYSE:COP) says production at its Surmont oil sands project in Alberta will shut down during a 4-5 week turnaround starting on Sept. 2, with 30K bbl/day going offline.

Surmont has a regulatory capacity of 27K bbl/day but COP says it has been running above that rate due to efficient operations.

COP operates Surmont under a 50/50 joint venture agreement with Total (NYSE:TOT); the project is undergoing an expansion that will raise production to 136K bbl/day of bitumen by 2017.

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Comments (7)
  • BAHAMAS1
    , contributor
    Comments (5167) | Send Message
     
    Turnarounds are needed in this industry and will increase future efficiency and productivity. Good move COP staying on top of things.
    12 Aug 2014, 08:32 AM Reply Like
  • Esekla
    , contributor
    Comments (4757) | Send Message
     
    Yes! The winners in the new age of Oil & Gas will be those who can extract most efficiently. Conoco is sitting pretty because of the quality of their reserves, and management has been prescient in adjusting its asset base. Look for another dividend hike now that the Nigeria sale is complete.

     

    Also, one of my focus tickers (NASDAQ:ERII) is a technology that will greatly reduce the the power cost of unconventional extraction.
    12 Aug 2014, 08:42 AM Reply Like
  • busterbrown
    , contributor
    Comments (208) | Send Message
     
    Esekla, that was the first thing I thought of when I saw that COP announced their turnaround. Thanks for making me feel like I'm on top of things, lol.
    13 Aug 2014, 12:07 AM Reply Like
  • oldokie
    , contributor
    Comments (603) | Send Message
     
    I said this over a year ago, this and more projects like it were scheduled. I want to hear of someone with an I.Q. of 2 screaming "their production and profits are down this quarter!!!". If you read someone saying this, block him, mark him as idiot, and kick the dust off of your computer.
    12 Aug 2014, 09:29 AM Reply Like
  • busterbrown
    , contributor
    Comments (208) | Send Message
     
    I remember! lol
    13 Aug 2014, 12:02 AM Reply Like
  • Tueffelhund85
    , contributor
    Comments (188) | Send Message
     
    SA would ban you for speaking truth to ignorance. That is what America has become. So sad.
    12 Aug 2014, 10:25 PM Reply Like
  • Dorman Chasteen
    , contributor
    Comments (21) | Send Message
     
    Cop is a good stock, with good, management, with good returns, with a good future. Only chicken little would say "the sky is falling". We all know that results/actions do more to make a stock move than words. Really look at COP vs other oil companies. I could probably make more over a year doing some dickering but over 5--no
    13 Aug 2014, 10:04 PM Reply Like
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