Syncrude’s biggest partner says it’s cutting back production estimates because of maintenance problems at the site.
Canadian Oil Sands Limited owns a 37 percent stake in Syncrude and is cutting back its annual production forecast by three percent, to 301 thousand barrels per day.
That’s mostly because of the mechanical problems and small fire at a coking unit this year.
But despite the outages, the company shattered analyst expectations with its first quarter earnings.
Profits were 321 million dollars, when analysts were expecting just over 260 million.
Published May 2. 2012
