Canadian Oil Sands Ltd.

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  • Thu, Feb. 4, 8:49 AM
    • Suncor (NYSE:SU) -1.2% premarket after posting a Q4 loss of C$0.02/share, well below the consensus forecast for an operating profit of ~C$0.13/share and the C$0.27 it earned in the same quarter last year.
    • SU says it is cutting its FY 2016 spending plans to C$6B-C$6.5B, down from C$6.7B-C$7.3B budget projected in November, due in part to deferring planned maintenance at its Firebag oil sands project in Alberta to 2017 from this year.
    • Despite the reduced spending plans, SU maintains its 2016 production forecast for 525K-565K boe/day; the company's 2015 output totaled 577.8K boe/day.
    • Total Q4 upstream production rose to 582.9K boe/day, vs. 557.6K boe/day in the prior-year quarter; Q4 oil sands output rose to 439.7K bbl/day, vs. 384.2K bbl/day a year ago.
    • SU says the average price realized from its oil sands operations fell to C$41.55/bbl in Q4, down from C$69.51/bbl in the year-ago period and C$47.93 in Q3 2015; oil sands cash operating costs fell to C$28/bbl, down from C$34.45 a year ago.
    • SU’s share of production from the Syncrude oil sands consortium fell to 30.9K bbl/day, down from 35.1K bbl/day in Q4 2014, due to unplanned maintenance, a problem that has dogged Syncrude in recent years; the Canadian Oil Sands (OTCQX:COSWF) acquisition, pending shareholder approval, would increase SU’s stake in Syncrude to 49% from 12% currently.
    | Thu, Feb. 4, 8:49 AM | 10 Comments
  • Oct. 29, 2015, 6:25 PM
    • Canadian Oil Sands (OTCQX:COSWF) reiterates its rejection of Suncor Energy's (NYSE:SU) hostile takeover offer, and says it is considering alternatives including a potential sale of the company or a merger or partnership with a strategic or financial partner.
    • In its Q3 earnings, COSWF says cash flow from operations fell 73% Y/Y to C$82M, or C$0.17/share, from C$302M, or C$0.62/share, a year ago, partly due to a 41% drop in realized selling prices for synthetic crude oil from Syncrude to C$60.20/bbl from C$102.58/bbl.
    • The company cuts its full-year cash flow from operations forecast to C$340M from a July estimate of C$474M, as it expects continued low crude oil prices.
    • COSWF says its overall Q3 total sales volumes fell partly because of an August fire at Syncrude’s main oil sands plant, which reduced output by 7M barrels Q/Q to 86,687 bbl/day and by 2.6M barrels Q/Q net to the company.
    • COSWF holds the largest stake in the Syncrude oil sands project, while joint venture partner SU owns 12%.
    | Oct. 29, 2015, 6:25 PM | 33 Comments
  • Oct. 28, 2015, 10:22 PM
    • Suncor Energy (NYSE:SU) is the first major Canadian energy producer to post Q3 earnings, and its weak results are expected to be replicated by the others when they report later this week.
    • SU's unadjusted Q3 loss totaled C$376M, including a C$786M unrealized foreign exchange loss on the revaluation of U.S. dollar-denominated debt; a year ago, the company recorded a C$919M profit.
    • Cash flow from operations fell to C$1.88B from C$2.28B a year ago, which the company said reflected “the lower upstream crude oil price environment.”
    • SU says overall Q3 production rose to 566.1K boe/day from 519.3K boe/day a year ago, primarily the result of increased production in the U.K.; oil sands output rose to 430.3K bbl/day from 411.7K bbl/day a year ago.
    • SU's average Q3 sales prices for its oil sands output was C$47.93/bbl, down from $60.81 in Q2 and $89.38 in Q3 2014.
    • SU maintains its full-year production forecast of 550K-595K boe/day and keeps its full-year capex outlook unchanged at C$5.8B-C$6.4B, although its original spending target was C$7.8B; the dividend is maintained at $0.29/share.
    • The company touts its oil sands performance in support of its hostile bid for Canadian Oil Sands (OTCQX:COSWF), saying it has managed to run its upgrading operations that process bitumen into light crude at more than 90% of capacity this year, compared with an average 70% for Syncrude.
    | Oct. 28, 2015, 10:22 PM
  • Jul. 30, 2015, 7:37 PM
    • Canadian Oil Sands (OTCQX:COSWF) reports a Q2 net loss and says it has trimmed its budget and narrowed its production expectations.
    • The largest owner of the Syncrude oil sands project in Alberta says it lost C$128M, or C$0.26/share, in the quarter, citing lagging crude oil prices and Alberta’s recent increase in corporate taxes; a year ago, it posted a net profit of C$176M, or C$0.36/share.
    • COSWF's Q2 production of 207.7K bbl/day was little changed from 202.5K bbl/day a year ago, but the realized selling price for its synthetic crude oil fell by more than a third Y/Y to C$74.47/bbl.
    • COSWF now forecasts Syncrude will produce 96M-107M barrels in 2015, vs. its previous outlook for 95M-110M barrels; it again cuts its 2015 capex budget, to C$422M from C$429M previously and C$564M originally.
    • Cash flow from operations shrank 71% Y/Y to C$70M.
    | Jul. 30, 2015, 7:37 PM | 24 Comments
  • Apr. 30, 2015, 6:58 PM
    • Canadian Oil Sands (OTCQX:COSWF) reports a Q1 net loss and announces further cuts in its 2015 capital spending plan to cope with the sharp drop in crude oil prices.
    • COSWF says it lost C$186M, or C$0.38/share, in the quarter, citing the decline in crude prices and a weaker Canadian currency; a year ago, it posted a net profit of C$172M, or C$0.35/share.
    • Cash flow fell 78% to C$76M in Q1, down from C$357M a year ago; current net debt is C$2.2B and poised to peak in Q2 before declining later in the year.
    • The company also cuts its FY 2015 capital spending budget by nearly 5% to C$429M from its previous plan to spend C$451M and an initial budget of C$564M.
    | Apr. 30, 2015, 6:58 PM | 3 Comments
  • Oct. 31, 2014, 8:39 AM
    • Canadian Oil Sands (OTCQX:COSWF) reports Q3 net profit fell 65% Y/Y to C$0.18/share, citing lower revenue and foreign exchange-related losses.
    • Q3 sales volume rose to 87,787 bbl/day, up4% Y/Y, but average crude prices fell to C$102.58/bbl from C$112.55 a year earlier, and operating expenses rose to to C$47.73/bbl, up from $46.15.
    • Cuts its annual maximum output target to 100M barrels of oil, down from a previous 104M barrels and an initial forecast of up to 110M barrels.
    • Canadian Oil Sands owns a 37% stake in its main operating asset, Syncrude, with six other companies owning the remainder, including lead operator Exxon Mobil (NYSE:XOM) unit Imperial Oil (NYSEMKT:IMO) and Suncor Energy (NYSE:SU).
    | Oct. 31, 2014, 8:39 AM | 6 Comments
  • Jul. 31, 2014, 6:43 PM
    • 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.
    | Jul. 31, 2014, 6:43 PM
  • Jul. 31, 2013, 8:38 AM
    • Canadian Oil Sands (COSWF.OB), the largest partner in the Syncrude Canada oil sands mine, posts Q2 earnings that missed expectations and announces the retirement of CEO Marcel Coutu.
    • Q2 EPS was $0.45 vs. $0.53 consensus but more than double the $0.21 from a year ago; sales were $921M, up from $740M.
    • Reduces 2013 production outlook for the second time this year, to 100M-104M barrels.
    • Coutu has been at the helm of Syncrude since Aug. 2001.
    | Jul. 31, 2013, 8:38 AM
Company Description
Canadian Oil Sands is a pure investment opportunity in light, sweet crude oil. Through our 36.74% interest in the Syncrude project, we offer a solid, robust production stream of fully upgraded crude oil, exposure to future crude oil prices, potential growth through high-quality oil sands leases... More