A Current Outlook for Oil Sands Development
|
|
- Benedict Ellis
- 6 years ago
- Views:
Transcription
1 Canadian Energy Research Institute A Current Outlook for Oil Sands Development Dinara Millington VP, Research Canadian Energy Research Institute October 1,
2 Canadian Energy Research Institute Overview Founded in 1975, the Canadian Energy Research Institute (CERI) is an independent, notfor-profit research institute specializing in the analysis of energy economics and related environmental policy issues in the energy production, transportation, and consumption sectors. Our mission is to provide relevant, independent, and objective economic research in energy and related environmental issues. A central goal of CERI is to bring the insights of scientific research, economic analysis, and practical experience to the attention of government policy-makers, business sector decision-makers, the media, and citizens in Canada and abroad. Our core supporters include the Government of Canada (Natural Resources Canada), the Government of Alberta (Alberta Energy), and the Canadian Association of Petroleum Producers (CAPP). In-kind support is also provided by the Alberta Energy Regulator (AER) and the University of Calgary. All of CERI s research is publically available on our website at 2
3 Canadian Energy Research Institute Agenda Canadian Oil Industry CERI s crude oil production forecast Costs of bitumen production for greenfield oil sands projects Employment Impacts of low crude prices on the oil and gas sector 3
4 Canadian Oil Industry 4
5 Oil Proved Reserves by Country (Billion Barrels and % of total at end of 2014) (bln barrels) World Oil Proved Reserves - 1,700 Billion barrels (at end of 2014) 80% are state-owned or controlled 20.0% % 18.0% % % 96% (167.1 billion barrels) of Canadian reserves are in the 96% (166.3 billion barrels) oil sands of Canadian reserves are in the oil sands 9.3% 8.8% 16.0% 14.0% 12.0% 10.0% 8.0% % 6.0% 5.8% 6.0% 4.0% % 0.0 Venezuela Saudi Arabia Canada Iran Iraq Russian Federation Kuwait United Arab Emirates 0.0% Source: BP Statistical Review of World Energy, June 2015, AER ST-98, June
6 World Oil Production by Country (Million barrels per day and % of total world crude production) (MMbpd) 14.0 World Oil Production Million barrels per day (at end of 2014) 14.0% % 12.9% 12.7% 12.0% 10.0 Canada is the 4th largest global oil producer 10.0% % % 5.0% 6.0% % 4.0% 3.2% 3.3% % % Source: BP Statistical Review of World Energy, June
7 Canada s Oil and Gas Industry 2014 Expenditures: $78.75 billion 2014 Expenditures: $64.02 billion Royalties Royalties Wages Wages Production Production Operation and Maintenance Operation and Maintenance Completion and Tie in Construction Conventional Drilling Land Acquisition Crown Land Sales Evaluation Land Acquisition Crown Land Sales Oil and Gas Projects Oil Sands Projects 7
8 Western Canadian Crude Production Outlook 8
9 CERI s WCSB Oil Production Forecast Crude Oil Production (excl Oil Sands) bbls/day 1,600,000 1,500,000 1,400,000 1,300,000 1,200,000 1,100,000 1,000, , , , , , , , , ,000 0 Pentanes Plus BC Oil Forecast SK Oil Forecast Oil from Gas Wells MB Oil Forecast NWT Oil Forecast AB Oil Forecast (Conv) CAPP-June 2015 WCSB Conv (L/M/H) 1,600,000 1,500,000 1,400,000 1,300,000 1,200,000 1,100,000 1,000, , , , , , , , , ,
10 CERI s Oil Sands Production Forecast: 3 Scenarios ('000bpd) 6,000 5,000 4,000 3,000 (Production, High Case Scenario) 2,000 (Production, Low Case Scenario) (Production, Reference Case Scenario) 1,
11 CERI s Oil Sands Production Forecast: Reference Case ('000 bpd) 4,000 Total In Situ Volume Total Mining Volume 3,500 3,000 2,500 2,000 1,500 1,
12 CERI s Oil Sands Capital Investment Forecast ( ) (Million CDN$) $200,000 $175,000 $150,000 $125, ,756 $100,000 $75, ,841 19,410 6,927 Total In situ Thermal & Solvent Total Primary and EOR projects Total Mining Total Upgrading $50,000 $25,000 $0 12
13 Oil Sands Supply Costs 13
14 CERI s Oil Sands Supply Costs Supply Cost is the constant dollar price needed to recover all capital expenditures, operating costs (incl. compliance costs), royalties, and taxes to earn a specified return on investment. Supply costs have been calculated using cash flow models similar to those used in industry to determine investment profitability. Supply costs have been calculated for the raw crude bitumen produced (at either in situ or a mining operation) and, where appropriate, for the upgraded product at the source field location. To place these values in a market context, supply costs have been calculated in terms of equivalent prices for marketable crude oil (i.e., blended bitumen or SCO) at Edmonton and Hardisty, and in terms of the corresponding equivalent market price of WTI crude at Cushing, OK. 14
15 CERI s Oil Sands Supply Costs: Assumptions Measurement Units SAGD Mining and Extraction Project Design Parameters Stream day capacity bbl of bitumen per day 30, ,000 Production Life years Average Capacity Factor (over production life) percent 75.00% 89.00% Capital Expenditures (2014 CDN$) Initial Millions of dollars 1, ,051.7 Initial Dollars per bbl of capacity 36, ,517.4 Sustaining (Annual Average) Millions of dollars Operating Working Capital Days payment Operating Costs (2014 CDN$) Fixed (Annual Average) Millions of dollars Dollars per bbl of capacity Energy Requirements Natural Gas Royalty Applicable GJ per day 35,910 54,000 Non-Royalty Applicable GJ per day Electricity Purchased Royalty Applicable MWh/d Non-Royalty Applicable MWh/d Electricity Sold MWh/d 0 0 Other Project Assumptions Abandonment and Reclamation percent of total capital 2% 2% 15
16 CERI s Oil Sands Supply Costs $80 $70.18 $70 $58.65 $60 $50 $40 $30 Real 2014 CDN$/bbl $20 SAGD 10% ROR (a) Mining 10% ROR (a) $10 $0 Total Bitumen/SCO Supply Cost (CDN$/b) $58.65 $70.18 Fixed Capital (Initial & Sustaining) $22.91 $32.12 Operating Working Capital $0.53 $0.70 Fuel (Natural Gas) $6.90 $3.07 Blend/Upg. Product's WTI Edmonton in US$/b $74.61 $84.51 Other Operating Costs (incl. Elec.) $13.74 $16.57 Royalties $10.41 $12.80 Income Taxes $3.80 $4.74 Emissions Compliance Costs $0.31 $0.13 Blend/Upg. Product's WTI Cushing in US$/b $80.06 $89.96 Abandonment Costs $0.04 $
17 Labour Impacts 17
18 Capital Investment and Labour In 2015 an anticipated $31 billion reduction in capital and operating expenditures is expected to have a significant impact on the oil and gas industry and its associated labour force. Based on the latest work from Enform: As many as 185,000 direct and indirect jobs related to the oil and gas industry could be lost, a decline of 25 percent from 2014 statistics. Impacts are larger in magnitude but comparable to the scale of decline in
19 Employment Impacts by Sector,
20 CERI s forthcoming study Oil is a key input into many economic sectors across Canada. The most recent drop in crude prices have directly impacted the energy sector and reverberated throughout the economy in other industries. This study utilizes the CERI s Input/output model to assess the impact on the Canadian economy resulting from lower oil prices on province-byprovince basis. The low price assessment is performed by shocking Canadian economy with low oil prices within the oil sands and measuring what impact did the change have on major sectors of national and provincial economies. Two scenarios for oil prices were evaluated against the Reference Case. Caveat: The results in this presentation only show isolated impacts from shocking one sector of the economy. Other sectors that are positively impacted from low crude prices are not shown here. 20
21 Assumptions for Two Scenarios Parameter Unit of Measurement Reference Case Scenario 1 Scenario 2 WTI price 2014US$/bbl EIA AEO 2015 forecast US$/CDN$ ex. rate First Year of Forecast US$/CDN$ Year Time Frame Years Inflation Rate % Oil Sands Production Capital Investment bbl/d Ref. Case Ref. Case Low Case Mln CDN$ Ref. Case Ref. Case 20% lower than Ref. Case 21
22 Oil Price Forecast Scenarios US$/bbl Reference Case Scenario 1 Scenario 2 22
23 Total Annual Impacts: Canadian GDP $300,000 $250,000 Case GDP ( Avg) (CDN$Mln) Ref. Case $ 193,226 Scenario 1 $ 107,044 Scenario 2 $ 81,991 GDP Growth (CDN Mln$) $200,000 $150,000 $100,000 $50,000 $ Ref Case Scenario 1 Scenario 2 23
24 Total Annual Impacts: Employment 1,400,000 Case Employment ( Avg) (Jobs/yr) Ref. Case 942,968 Scenario 1 536,477 Scenario 2 413,046 1,200,000 Employment (jobs/year) 1,000, , , , , Ref Case Scenario 1 Scenario 2 24
25 The Impact of Low Crude Prices over : Isolated Impacts of Oil Sands Sector Decline Variable Unit of Measurement Ref. Case vs. Scenario 1 Ref. Case vs. Scenario 2 Scenario 1 vs. Scenario 2 GDP % Change -45% -58% -23% Compensation % Change -43% -56% -23% Employment % Change -32% -48% -23% Federal Taxes % Change -45% -58% -23% Provincial Taxes % Change -44% -57% -23% 25
26 Key Challenges for Canadian Oil/Oil Sands Low crude oil prices, driven by global over-supply in the market Lack of export pipeline capacity and market diversification further devalues Canadian crudes Environmental impacts of oil sands development Rising oil sands costs Canadian crudes are undervalued against other crude oils in the world. The key challenges revolve around increasing margins, but most importantly, reducing costs of oil sands projects. 26
27 Key Opportunities Canada s proved oil reserves are third only to Venezuela and Saudi Arabia and marketable gas resources are within the top 5. Canada has transparent regulatory and legal regimes and a stable economy with a long-term potential for energy development Canadian energy resources are not state-controlled Pipeline expansions and new pipelines will allow Canadian crude to penetrate existing and new markets in the US Potential markets for Canadian crude exist outside of the US Recent downturn in the market should decrease project costs as competition for labour and materials subsides. 27
28 Conclusion The Canadian oil and gas industry continues to be an important driver of economic growth in Canada. Overall crude production is forecasted to grow in the near to medium term. Costs of greenfield projects is prohibitive. Current downturn poses different challenges than the global crisis in Oil and gas companies and other impacted sectors are facing challenges with managing labour costs in response to declining revenues against maintaining capacity and growth potential for the long term. Creative recruitment practices, such as up-skilling the current labour force and effective management and retention of skilled and experienced workers will become more critical in the near future. 28
29 Thank you! 29
Canada s Oil Sands: Production Outlook and Economic Impacts
Canadian Energy Research Institute Canada s Oil Sands: Production Outlook and Economic Impacts Dinara Millington Canadian Energy Research Institute EMD / SEG / DEG Oil Sands and Heavy-Oil Workshop June
More informationEconomic Impacts of Low Crude Prices on the Canadian Economy
Canadian Energy Research Institute Economic Impacts of Low Crude Prices on the Canadian Economy Dinara Millington Canadian Energy Research Institute Ryder Scott Canada Reserves Conference May 10, 2016
More informationCANADIAN OIL SANDS SUPPLY COSTS AND DEVELOPMENT PROJECTS ( )
Study No. 170 CANADIAN ENERGY RESEARCH INSTITUTE CANADIAN OIL SANDS SUPPLY COSTS AND DEVELOPMENT PROJECTS (2018-2038) Canadian Energy Research Institute Relevant Independent Objective Canadian Oil Sands
More informationCANADIAN OIL SANDS AND CONVENTIONAL OIL AND GAS PRODUCTION FORECAST, SUPPLY COSTS AND EMISSIONS
CANADIAN OIL SANDS AND CONVENTIONAL OIL AND GAS PRODUCTION FORECAST, SUPPLY COSTS AND EMISSIONS Allan Fogwill, CEO Canadian Energy Research Institute June 2018 Relevant Independent Objective www.ceri.ca
More informationAlberta s s Energy Industry will the growth continue?
Alberta s s Energy Industry will the growth continue? Marcel Coutu President, Chief Executive Officer Canadian Oil Sands Limited, Manager of Canadian Oil Sands Trust O C T O B E R 2 4, 2 0 0 7 Forward-looking
More informationThe Oil Sands: What is Needed to Realize the Potential?
The Oil Sands: What is Needed to Realize the Potential? National Buyer/Seller Forum March 25-27, 2008 Edmonton, Alberta Bob Dunbar Strategy West Inc. 1 Photo Source: Syncrude Canada Limited Presentation
More informationProvince of Alberta Investor Meetings Asia October Stephen J. Thompson, CFA Executive Director, Capital Markets Treasury Board and Finance
Province of Alberta Investor Meetings Asia October 2018 Stephen J. Thompson, CFA Executive Director, Capital Markets Treasury Board and Finance Alberta, Canada Canada 10th largest economy and 9th least
More informationKey Priorities and Challenges for Canadian Oil
Key Priorities and Challenges for Canadian Oil Canadian Heavy Oil Association April 15, 2013 Greg Stringham 1 Photo: Cenovus Enabling Responsible Development 2 Global Primary Energy Demand 20,000 18,000
More informationFREQUENTLY USED STATISTICS Economics
Economics CAPP references several third party sources to measure industry s economic performance and impact on the Canadian economy, and updates the data annually. CAPITAL INVESTMENT Data is updated annually.
More informationBen Brunnen, Vice President, Oil Sands January 19, Upstream Oil and Gas Industry Outlook Presentation to Alberta s Industrial Heartland
Ben Brunnen, Vice President, Oil Sands January 19, 2017 Upstream Oil and Gas Industry Outlook Presentation to Alberta s Industrial Heartland 2 About CAPP and Canada s Oil and Gas Industry Large and small
More informationProvince of Alberta Investor Meetings
Province of Alberta Investor Meetings December, 2016 Stephen J Thompson Executive Director Capital Markets, Treasury Board and Finance and Tim Pierce Director Financing Capital Markets, Treasury Board
More informationOil Sands Supply Outlook Potential Supply and Costs of Crude Bitumen and Synthetic Crude Oil in Canada,
Oil Sands Supply Outlook Potential Supply and Costs of Crude Bitumen and Synthetic Crude Oil in Canada, 2003-2017 Breakfast Seminar March 10, 2004 1 Agenda Introduction Study Conclusions Overview of Alberta
More informationOil Sands Supply and Investment Outlook. China-Canada Energy Cooperation Conference
Relevant Independent Objective Oil Sands Supply and Investment Outlook China-Canada Energy Cooperation Conference Bob Dunbar Senior Director, Research Canadian Energy Research Institute University of Alberta
More informationALBERTA OIL SANDS: THE FACTS
ALBERTA OIL SANDS: THE FACTS Oil sands are comprised of grains of sand surrounded by a film of water and bitumen. Bitumen, a heavy and viscous oil, is solid in colder temperatures IN 209, THE WORLD IS
More informationProvince of Alberta. June, Stephen J Thompson Executive Director Capital Markets, Treasury Board and Finance. and
Province of Alberta US Investor Meetings June, 2017 Stephen J Thompson Executive Director Capital Markets, Treasury Board and Finance and Catherine Rothrock Chief Economist & Executive Director, Treasury
More informationSlide 2 Paul Precht Energy Economics Ltd.
Oil Sands Economics Oil Sands 101 Presentation Calgary Ass n of Lifelong Learners and Petroleum History Society Paul Precht Energy Economist and Consultant 5 February 2013 Peter Lougheed on Oil Sands Development
More informationCANADIAN OIL SANDS SUPPLY COSTS AND DEVELOPMENT PROJECTS ( )
Study No. 133 CANADIAN ENERGY RESEARCH INSTITUTE CANADIAN OIL SANDS SUPPLY COSTS AND DEVELOPMENT PROJECTS (2012-2046) Canadian Energy Research Institute Relevant Independent Objective CANADIAN OIL SANDS
More informationOverview of Canada s Oil Sands Industry
Overview of Canada s Oil Sands Industry CSSE Awards Banquet May 14, 2011 Calgary, Alberta Bob Dunbar Strategy West Inc. 12-1 Photo Source: Syncrude Canada Limited Presentation Outline Industry Overview
More informationProvince of Alberta Investor Meetings London June Lowell Epp Assistant Deputy Minister, Treasury and Risk Management
Province of Alberta Investor Meetings London June 2018 Lowell Epp Assistant Deputy Minister, Treasury and Risk Management Alberta, Canada 10th largest economy and 9th least risky country in the world (1)
More informationKey Economic Challenges Facing the Canadian Oil Sands Industry
Key Economic Challenges Facing the Canadian Oil Sands Industry 5 th Annual Canadian Oil Sands Summit Insight Information January 16-17, 28 Calgary, Alberta Bob Dunbar Strategy West Inc. 1 Photo Source:
More informationCanadian Oil Sands Supply Costs and Development Projects ( )
Canadian Energy Research Institute Canadian Oil Sands Supply Costs and Development Projects (2010-2044) Dinara Millington Mellisa Mei Study No. 122 CANADIAN OIL SANDS SUPPLY COSTS AND DEVELOPMENT PROJECTS
More informationCanadian Oil & Gas Industry: 2015 Fiscal and Economic Priorities
Canadian Oil & Gas Industry: 2015 Fiscal and Economic Priorities Presentation to the Canadian Petroleum Tax Society October 30, 2014 Ben Brunnen 1 Overview About Canada s Oil & gas industry Trends Confronting
More informationProvince of Alberta Investor Meetings
Province of Alberta Investor Meetings September 2016 Stephen J Thompson, Executive Director, Capital Markets, Treasury Board and Finance and Catherine Rothrock Chief Economist & Executive Director, Treasury
More informationCANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2016 YEAR END RESERVES CALGARY, ALBERTA FEBRUARY 14, 2017 FOR IMMEDIATE RELEASE
CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2016 YEAR END RESERVES CALGARY, ALBERTA FEBRUARY 14, 2017 FOR IMMEDIATE RELEASE Canadian Natural Resources Limited ( Canadian Natural or the Company ) is pleased
More informationProvince of Alberta CIBC Government Finance Conference Vancouver June 11, 2018
Province of Alberta CIBC Government Finance Conference Vancouver June 11, 2018 Stephen J Thompson Executive Director Capital Markets, Treasury Board and Finance and Catherine Rothrock Chief Economist &
More informationCanadian Oil Sands Supply Costs and Development Projects ( )
Canadian Energy Research Institute Canadian Oil Sands Supply Costs and Development Projects (2010-2044) Dinara Millington Mellisa Mei Study No. 122 Relevant Independent Objective CANADIAN OIL SANDS SUPPLY
More informationST98: 2017 ALBERTA S ENERGY RESERVES & SUPPLY/DEMAND OUTLOOK. Executive Summary.
ST98: 2017 ALBERTA S ENERGY RESERVES & SUPPLY/DEMAND OUTLOOK Executive Summary ST98 www.aer.ca Executive SummARY The Alberta Energy Regulator (AER) ensures the safe, however, will depend on the level
More informationUpstream Oil and Gas Industry Outlook
Upstream Oil and Gas Industry Outlook Ben Brunnen November 3, 2015 Presentation to the Petroleum Services Association of Canada (PSAC) 2 Overview About Canada s Oil & gas industry Economic Context Competitiveness
More informationEconomic Impacts of Alberta s Oil Sands
Economic Impacts of Alberta s Oil Sands Govinda R. Timilsina Nicole LeBlanc Thorn Walden Volume I Study No. 110 ISBN 1-896091-47-4 Relevant Independent Objective ECONOMIC IMPACTS OF ALBERTA S OIL SANDS
More informationA Perspective on Canada s Upstream Oil & Gas Sector
A Perspective on Canada s Upstream Oil & Gas Sector 2010 Edmonton Real Estate Forum May 4, 2010 Dave Collyer President, Canadian Association of Petroleum Producers Presentation Outline Current business
More informationProvince of Alberta Investor Meetings
Province of Alberta Investor Meetings October, 2016 Lowell Epp, Assistant Deputy Minister, Treasury and Risk Management and Catherine Rothrock Chief Economist & Executive Director, Treasury Board and Finance
More informationAlberta s Role in North American
Alberta s Role in North American Energy Security Honorable Iris Evans Minister of International and Intergovernmental Relations Province of Alberta September 16, 2010 U.S. Oil Supply 2009 Sources of US
More informationPresented to: Crude Oil Quality Group (COQG) Courtyard Marriott Hotel, Long Beach, Ca. Feb 26, 2009
Canadian Heavy Oil Association Presented to: Crude Oil Quality Group (COQG) Courtyard Marriott Hotel, Long Beach, Ca. Feb 26, 2009 0 Alberta Oil Sands Bitumen is still there Change in direction or course
More informationCanada s Oil & Natural Gas. Market Access The Key to Future Growth. Enabling Responsible Development. Calgary Real Estate Forum October 29, 2013
Canada s Oil & Natural Gas Market Access The Key to Future Growth Calgary Real Estate Forum October 29, 2013 Enabling Responsible Development 2 Canadian Oil Sands Source: Cenovus Global Crude Oil Reserves
More informationCanada s Oil & Natural Gas. Market Access The Key to Future Growth. Calgary Real Estate Forum October 29, 2013
Canada s Oil & Natural Gas Market Access The Key to Future Growth Calgary Real Estate Forum October 29, 2013 Enabling Responsible Development Energy Markets Environment Benefits 2 Canadian Oil Sands Source:
More informationApril 30, 2014 TSX: COS Canadian Oil Sands Announces First Quarter Results and a Reduction in Major Project Costs
April 30, 204 TSX: COS Canadian Oil Sands Announces First Quarter Results and a Reduction in Major Project Costs All financial figures are unaudited and in Canadian dollars unless otherwise noted. Higher
More informationANNUAL REPORT
2015 ANNUAL REPORT MEG Energy Corp. is a Canadian energy company focused on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. Strategic. Innovative.
More informationA SPRINGBOARD FOR GROWTH
A SPRINGBOARD FOR GROWTH May 2011 1 TSX:PXX OMX:PXXS www.blackpearlresources.ca Cautionary Statements FORWARD LOOKING STATEMENTS This presentation contains certain forward looking statements and forward
More informationFOR IMMEDIATE RELEASE
April 24, 2018 MEDIA RELEASE FOR IMMEDIATE RELEASE Connacher Reports Year-End 2017 Reserves Calgary, Alberta Connacher Oil and Gas Limited ( Connacher or the Company ) announces its year-end reserves as
More informationOil Sands Outlook: How will the Challenges Facing the Industry affect Growth?
Oil Sands Outlook: How will the Challenges Facing the Industry affect Growth? 4 th Annual Canadian Oil Sands Summit Insight Information Calgary, Alberta January 16-17, 2007 Bob Dunbar, P.Eng. Strategy
More informationCanadian Oil Sands announces first quarter 2012 financial results and a 17 per cent dividend increase to $0.35 per share
April 30, 2012 TSX: COS Canadian Oil Sands announces first quarter 2012 financial results and a 17 per cent dividend increase to $0.35 per share All financial figures are unaudited and in Canadian dollars
More informationCOQG and CCQTA Joint Industry Meetings. Canada s Crude Oil Outlook
COQG and CCQTA Joint Industry Meetings Canada s Crude Oil Outlook June 24-25, 2008 Calgary, Alberta Barry Lynch Manager, Oil Markets & Pipelines Canadian Association of Petroleum Producers 140 producer
More informationThe Outlook for Canada s Oil and Gas Sector. Calgary Real Estate Forum October 21, 2009
The Outlook for Canada s Oil and Gas Sector Calgary Real Estate Forum October 21, 2009 Canada s Oil and Gas Impact on Alberta The oil and natural gas continues to drive almost ½ of the Alberta economy
More informationCanadian Oil Sands Q2 cash flow from operations up 43 per cent
Canadian Oil Sands Q2 cash flow from operations up 43 per cent All financial figures are unaudited and in Canadian dollars unless otherwise noted. TSX - COS Calgary, Alberta (July 26, 2011) Canadian Oil
More informationCanadian Oil Sands 2010 cash from operating activities and net income more than doubles over 2009
Canadian Oil Sands 2010 cash from operating activities and net income more than doubles over 2009 All financial figures are unaudited and in Canadian dollars unless otherwise noted. Financial information
More informationFOURTH QUARTER 2017 Report to Shareholders for the period ended December 31, 2017
FOURTH QUARTER 2017 Report to Shareholders for the period ended, 2017 MEG Energy Corp. reported fourth quarter and full-year 2017 operating and financial results on February 8, 2018. Highlights include:
More informationSupply Cost of Alberta Oil Sands
Supply Cost of Alberta Oil Sands Farhood Rahnama, PhD Katherine Elliott Alberta Energy and Utilities Board 26th Annual North American Conference of the USAEE/IAEE Ann Arbor, Michigan, September 24-26,
More informationCanadian Oil Sands 2011 cash flow from operations up 54 per cent from 2010
February 1, 2012 TSX: COS Canadian Oil Sands 2011 cash flow from operations up 54 per cent from 2010 All financial figures are unaudited and in Canadian dollars unless otherwise noted. Highlights for the
More informationGRANT MARTIN. Forum. Impact of the Economic Downturn on the Development of the Canadian Oil Sands
Forum Impact of the Economic Downturn on the Development of the Canadian Oil Sands GRANT MARTIN Director Supply Chain Management Commercial Support TransCanada TransCanada Keystone Pipeline Canadian Market
More informationCANADIAN OIL SANDS SUPPLY COSTS AND DEVELOPMENT PROJECTS ( )
Study No. 170 CANADIAN ENERGY RESEARCH INSTITUTE CANADIAN OIL SANDS SUPPLY COSTS AND DEVELOPMENT PROJECTS (2018-2038) Canadian Energy Research Institute Relevant Independent Objective CANADIAN OIL SANDS
More informationexceptional shareholder returns in a rising petroleum market
March 2011 exceptional shareholder returns in a rising petroleum market 1 INVESTMENT HIGHlightS DEVELOPMENT & PRODUCTION PLAN Strata is progressing forward with its USD $250 million five-phase capital
More informationEconomic Outlook for Canada s Energy Sector. Saskatchewan Oil and Gas Supply Chain Forum November 17, 2015
Economic Outlook for Canada s Energy Sector Saskatchewan Oil and Gas Supply Chain Forum November 17, 2015 1 Outline CAPP Who we are Economic Outlook Capital investment Oil and Gas Prices Production and
More informationOffshore Oil & Gas: Is Newfoundland & Labrador Getting its Fair Share?
Offshore Oil & Gas: Is Newfoundland & Labrador Getting its Fair Share? Brian Maynard, Vice-President, CAPP Harris Centre of Regional Policy and Development St. John s, NL November 15, 2006 Canadian Association
More informationCANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2017 FOURTH QUARTER AND YEAR END RESULTS CALGARY, ALBERTA MARCH 1, 2018 FOR IMMEDIATE RELEASE
CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS CALGARY, ALBERTA MARCH 1, 2018 FOR IMMEDIATE RELEASE Commenting on the Company's results, Steve Laut, Executive Vice-Chairman
More informationA SPRINGBOARD FOR GROWTH
A SPRINGBOARD FOR GROWTH Fall 2011 TSX:PXX OMX:PXXS 1 www.blackpearlresources.ca Cautionary Statements FORWARD LOOKING STATEMENTS This presentation contains certain forward looking statements and forward
More informationApril 30, 2013 TSX: COS Canadian Oil Sands announces first quarter financial results and a $0.35 per Share dividend
April 30, 2013 TSX: COS Canadian Oil Sands announces first quarter financial results and a $0.35 per Share dividend All financial figures are unaudited and in Canadian dollars unless otherwise noted. Highlights
More informationNEWS RELEASE FEBRUARY 20, 2019 TOURMALINE ADDS 338 MMBOE OF RESERVES IN 2018, 2P RESERVES INCREASED TO 2.46 BILLION BOE
NEWS RELEASE FEBRUARY 20, 2019 TOURMALINE ADDS 338 MMBOE OF RESERVES IN 2018, 2P RESERVES INCREASED TO 2.46 BILLION BOE Calgary, Alberta - Tourmaline Oil Corp. (TSX:TOU) ( Tourmaline or the ) is pleased
More informationHeavy Oil. Gems. November TSX:PXX; OMX:PXXS
Heavy Oil TSX:PXX; OMX:PXXS November 2010 Gems www.blackpearlresources.ca 1 Introduction Corporate: Symbol: PXX, PXXS Exchanges: TSX, OMX Shares Outstanding (MM): Basic (1) 282.9 Fully Diluted(options
More informationCanadian Oil Sands announces second quarter 2012 financial results
July 27, 2012 TSX: COS Canadian Oil Sands announces second quarter 2012 financial results All financial figures are unaudited and in Canadian dollars unless otherwise noted. Highlights for the three and
More informationTMX Equicom Toronto April 2, 2014
TMX Equicom Toronto April 2, 2014 Rob Dawson, Chief Financial Officer Siren Fisekci, VP Investor and Corporate Relations Forward-looking information In the interest of providing you with information regarding
More informationCIBC 2014 Whistler Institutional Investor Conference
CIBC 2014 Whistler Institutional Investor Conference Cautionary statement This presentation contains forward-looking information on future production, project start-ups and future capital spending. Actual
More informationHARVEST OPERATIONS ANNOUNCES YEAR END 2010 RESERVES
News Release Sustainable Growth ANNOUNCES YEAR END 2010 RESERVES Calgary, Alberta February 28, 2011 Harvest Operations Corp. ( Harvest ) (TSX: HTE.DB.D, HTE.DB.E, HTE.DB.F and HTE.DB.G) today announces
More information-- COS also announces planned retirement of President and CEO, Marcel Coutu --
July 30, 203 TSX: COS Canadian Oil Sands announces second quarter financial results and a $0.35 per Share dividend -- COS also announces planned retirement of President and CEO, Marcel Coutu -- All financial
More informationNote: All amounts in Canadian dollars unless otherwise stated.
Press Release CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES BOARD OF DIRECTOR APPROVAL FOR THE HORIZON OIL SANDS PROJECT CALGARY, ALBERTA February 10, 2005 FOR IMMEDIATE RELEASE Canadian Natural Resources
More informationOil Sands Outlook: How will the Challenges Facing the Industry affect Growth?
Oil Sands Outlook: How will the Challenges Facing the Industry affect Growth? 29 Global Petroleum Conference June 9-11, 29 Calgary, Alberta Bob Dunbar Strategy West Inc. 12-1 Photo Source: Syncrude Canada
More information29 th USAEE/IAEE North American Conference October 14, 2010 Calgary, Alberta. Presented by Glen Schmidt, Chairman
29 th USAEE/IAEE North American Conference October 14, 2010 Calgary, Alberta Presented by Glen Schmidt, Chairman 1 Agenda Where will you get your oil? Drillable oil sands One of the best choices for crude
More informationCanadian Oil Sands Trust announces 2009 third quarter results
Canadian Oil Sands Trust announces 2009 third quarter results All financial figures are unaudited and in Canadian dollars unless otherwise noted. TSX - COS.UN Calgary, Alberta (October 28, 2009) Canadian
More informationBRIK Infrastructure and Bitumen Supply Availability
Government of Alberta BRIK Infrastructure and Bitumen Supply Availability Submitted to Industry: November 2009 Oil Sands Operations, Department of Energy 11/9/2009 Executive Summary Based on bitumen production
More informationFIRST QUARTER 2018 Report to Shareholders for the period ended March 31, 2018
FIRST QUARTER 2018 Report to Shareholders for the period ended March 31, 2018 MEG Energy Corp. reported first quarter 2018 operating and financial results on May 10, 2018. Highlights include: Record first
More informationA Primer on the Canadian Oil Sands
A Primer on the Canadian Oil Sands An EPRINC Briefing Memorandum November 2010 Overview Canadian oil sands have long been recognized as one of the world s largest endowments of oil resources with over
More informationInnovation in the Oil Sands Industry
Canada s s Oil Sands Innovation in the Oil Sands Industry Canadian Association of Petroleum Producers February 10, 2012 The Global Energy Spotlight on Canada Environment Resource Investment Jobs 2 Oil
More informationNATURAL GAS LIQUIDS (NGLS) IN NORTH AMERICA: AN UPDATE PART I - UPSTREAM
Study No. 139 CANADIAN ENERGY RESEARCH INSTITUTE NATURAL GAS LIQUIDS (NGLS) IN NORTH AMERICA: AN UPDATE PART I - UPSTREAM Canadian Energy Research Institute Relevant Independent Objective Natural Gas Liquids
More informationSECOND QUARTER 2018 Report to Shareholders for the period ended June 30, 2018
SECOND QUARTER 2018 Report to Shareholders for the period ended June 30, 2018 MEG Energy Corp. reported second quarter 2018 operating and financial results on August 2, 2018. Highlights include: Quarterly
More informationManagement's Discussion and Analysis
Management's Discussion and Analysis This Management's Discussion and Analysis ("MD&A") of the financial condition and performance of MEG Energy Corp. ("MEG" or the "Corporation") for the year ended December
More informationCanadian Oil Sands Trust announces 2009 second quarter results
Canadian Oil Sands Trust announces 2009 second quarter results All financial figures are unaudited and in Canadian dollars unless otherwise noted. TSX - COS.UN Calgary, Alberta (July 27, 2009) Canadian
More informationThe Canadian Oil and Natural Gas Industry. Competitive Considerations in CO 2 EOR
The Canadian Oil and Natural Gas Industry Competitive Considerations in CO 2 EOR Canada s Crude Oil and Natural Gas Industry! World s 3rd largest natural gas producer! World s 13th largest crude oil producer!
More informationDeep Well Oil & Gas, Inc.
Deep Well Oil & Gas, Inc. STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION (FORM 51-101F1) Effective September 30, 2014 Prepared January 12, 2015 TABLE OF CONTENTS Abbreviations... 3 Conversion
More informationCanadian Oil Sands Trust announces 2010 second quarter results
Canadian Oil Sands Trust announces 2010 second quarter results All financial figures are unaudited and in Canadian dollars unless otherwise noted. TSX - COS.UN Calgary, Alberta (July 29, 2010) Canadian
More informationThe Cross-Canada Impacts of Developing the Oil and Gas Industry of the Energy Sector
March 27, 2014 The Cross-Canada Impacts of Developing the Oil and Gas Industry of the Energy Sector Briefing note to the House of Commons Standing Committee on Natural Resources Sarah Dobson Pembina Institute
More informationCanada s Oil Sands An Overview
Canada s Oil Sands An Overview SCIJ Conference - Lake Louise Alberta February 7, 2011 Dave Collyer President, Canadian Association of Petroleum Producers Global Primary Energy Demand Significant energy
More informationCanadian Natural Resources Limited MANAGEMENT S DISCUSSION AND ANALYSIS
Canadian Natural Resources Limited MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, AND MANAGEMENT S DISCUSSION AND ANALYSIS Forward-Looking Statements Certain statements
More informationPENGROWTH ENERGY CORPORATION SECOND QUARTER RESULTS
PENGROWTH ENERGY CORPORATION 2018 SECOND QUARTER RESULTS SUMMARY OF FINANCIAL & OPERATING RESULTS (monetary amounts in millions except per boe and per share amounts) As adjusted % Change As adjusted %
More informationDELPHI ENERGY RELEASES YEAR END 2015 RESERVES
DELPHI ENERGY RELEASES YEAR END 2015 RESERVES CALGARY, ALBERTA February 29, 2016 Delphi Energy Corp. ( Delphi or the Company ) is pleased to report its crude oil and natural gas reserves information for
More informationEconomics Society of Northern Alberta
December 214 Economics Society of Northern Alberta 215 Outlook Conference Oil & Gas Outlook Randy Ollenberger Managing Director BMO Capital Markets Crude Oil Outlook Collapse in crude oil prices due to
More informationFOR IMMEDIATE RELEASE
February 21, 2017 MEDIA RELEASE FOR IMMEDIATE RELEASE Connacher Reports Year-End 2016 Reserves Calgary, Alberta Connacher Oil and Gas Limited ( Connacher or the Company ) announces its year-end reserves
More informationCEQUENCE ENERGY ANNOUNCES 2015 INDEPENDENT RESERVES EVALUATION
CEQUENCE ENERGY ANNOUNCES 2015 INDEPENDENT RESERVES EVALUATION CALGARY, February 22, 2016 Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) is pleased to announce the results of its year end
More informationFirst Quarter Report 2018
First Quarter Report 2018 For the three month period ended March 31, 2018 MANAGEMENT S DISCUSSION AND ANALYSIS This Management s Discussion and Analysis ( MD&A ) should be read in conjunction with the
More informationPositioned for Success BONTERRA ENERGY CORP. ANNUAL REPORT 2017
Positioned for Success BONTERRA ENERGY CORP. ANNUAL REPORT 01 / Bonterra Annual Report / Table of Contents Annual Highlights 02 Quarterly Highlights 03 Message to Shareholders 04 Operations Overview 06
More informationCANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2019 BUDGET CALGARY, ALBERTA DECEMBER 5, 2018 FOR IMMEDIATE RELEASE
CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2019 BUDGET CALGARY, ALBERTA DECEMBER 5, 2018 FOR IMMEDIATE RELEASE Commenting on the Company s 2019 budget, Steve Laut, Executive Vice-Chairman of Canadian
More informationPROVINCE OF ALBERTA. U.S.$3,000,000,000 Global Medium Term Note Programme
3 rd SUPPLEMENTARY PROSPECTUS 26 September 2012 PROVINCE OF ALBERTA U.S.$3,000,000,000 Global Medium Term Note Programme This 3 rd Supplement (the Prospectus Supplement ) to the Prospectus dated 25 November
More informationAthabasca Oil Corporation Announces 2018 Year end Results
FOR IMMEDIATE RELEASE March 6, 2019 Athabasca Oil Corporation Announces 2018 Year end Results CALGARY Athabasca Oil Corporation (TSX: ATH) ( Athabasca or the Company ) is pleased to provide its 2018 year
More informationFIRST QUARTER 2015 Report to shareholders for the period ended March 31, DEC
1MAR201212421404 FIRST QUARTER 2015 Report to shareholders for the period ended, 2015 23DEC201322403398 Suncor Energy reports first quarter results All financial figures are unaudited and presented in
More informationCanada s Oil Sands. Webber Academy November Looking Forward Continuing Responsible Growth
Canada s Oil Sands Webber Academy November 2013 Looking Forward Continuing Responsible Growth 2 Oil Sands by Subject 3 Global Primary Energy Demand 20,000 18,000 16,000 14,000 million tonnes oil equivalent
More informationDELPHI ENERGY CORP. REPORTS 2018 YEAR END RESERVES
DELPHI ENERGY CORP. REPORTS 2018 YEAR END RESERVES CALGARY, ALBERTA March 4, 2019 Delphi Energy Corp. ( Delphi or the Company ) is pleased to announce its crude oil and natural gas reserves information
More informationTHE OIL, GAS AND OFFSHORE INDUSTRY IN CANADA
THE OIL, GAS AND OFFSHORE INDUSTRY IN CANADA Fact Pack Swedish Trade Council in Canada September 2007 LIST OF ACRONYMS The acronyms that have been used throughout this Fact Pack are: TBO = Trillion Barrels
More informationCarbon Taxes and Financial Incentives for Greenhouse Gas Emissions Reductions in Alberta s Oil Sands
Carbon Taxes and Financial Incentives for Greenhouse Gas Emissions Reductions in Alberta s Oil Sands André Plourde Department of Economics and Faculty of Public Affairs Carleton University Ottawa ON K1S
More informationFirst Quarter Fiscal Update and Economic Statement
2017 18 First Quarter Fiscal Update and Economic Statement August 2017 .... Table of Contents 2017 18 FIRST QUARTER HIGHLIGHTS... 3 2017 18 FIRST QUARTER FISCAL UPDATE Fiscal Plan Highlights.... 4 Fiscal
More informationBLACKPEARL RESOURCES INC. 700, 444 7th Avenue SW, Calgary, AB T2P 0X8 Ph. (403) Fax (403)
BLACKPEARL RESOURCES INC. 700, 444 7th Avenue SW, Calgary, AB T2P 0X8 Ph. (403) 215-8313 Fax (403) 265-8324 www.blackpearlresources.ca NEWS RELEASE August 9, 2016 BLACKPEARL ANNOUNCES SECOND QUARTER 2016
More informationEnergy East Pipeline. Economic Developer s Association of Canada Conference. Energy Program. September 29, 2014
Energy East Pipeline Economic Developer s Association of Canada Conference Energy Program September 29, 2014 Forward-looking Information This presentation contains certain information that is forward looking
More informationAnalysis of the Economic Contribution of the Northern Alberta Development Council Region to Alberta and Canada. Northern Alberta Development Council
Analysis of the Economic Contribution of the Northern Alberta Development Council Region to Alberta and Canada Submitted to Northern Alberta Development Council September 5, 2003 By GTS Group International
More information