Impact Of Protests: Canadian Oil Sands Profits Fall 65%

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Above: Tar Sands protest in Utah August 3, 2013

More evidence that protests, lawsuits and blockades work. The Canadian oil sands are seeing a dramatic decline in profits . . .

  • 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).

    Source: Canadian Oil Sands Posts Sharp Profit Decline