- Low crude oil prices present an opportunity to drive down oil sands costs even further, adding to the 25% savings YTD, some of Canada's largest producers said today at a TD Bank conference in Calgary.
- Cenovus Energy (NYSE:CVE) executive VP of oil sands Harbir Chhina believes his company can cut costs by another 30%, adding that “the key thing that’s going to happen now, with this downturn, is really the cost structure in the oil sands is going to come down."
- It is a sentiment echoed by Canadian Oil Sands (OTCQX:COSWF) CEO Ryan Kubik, who expects 2015 operating costs of C$39.48/bbl vs. C$45.69 at the start of the year.
- Encana (NYSE:ECA) VP of strategy Corey Code said the oil price slide has provided the opportunity to cut costs not just in oil sands but across its shale oil holdings in Alberta and Texas.
- In addition to reducing operating costs, MEG Energy's (OTCPK:MEGEF) John Rogers said the company would grow its production solely by expanding existing oil sands plants for the foreseeable future.