Canadian Oil Sands is reporting losses for a second straight quarter after posting losses of $128 million this past quarter. It blames the new provincial sales tax increase for part of its losses.
“Syncrude is on track to achieve targeted cost savings with year-to-date operating expenses down about 17 per cent from last year,” said Ryan Kubik, President and Chief Executive Officer. “Our production target is also on track with Syncrude resuming normal operations following completion of the planned turnaround at the end of May.”
Syncrude produced 18.9 million barrels in the second quarter of 207,000 barrels per day, up slightly from 2014 numbers. The company notes that new emissions regulations put in place will approximately triple Syncrude’s payments under the Specified Gas Emitters Regulation, it paid an average of $0.21 per barrel in 2014.
