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).
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, 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.
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