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Canadian Oil Sands Ltd. (COSWF)

- OTCQX
  • Thu, Jul. 30, 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.
    | Thu, Jul. 30, 7:37 PM | 24 Comments
  • Thu, Apr. 30, 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.
    | Thu, Apr. 30, 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 | Comment!
  • 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 | Comment!
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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