UPDATE 1-Canadian Oil Sands profit up, but missed expectations

Tue Jul 30, 2013 6:07pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Q2/13 net C$0.45 eps vs C$0.21 eps in Q2/12

* Oil production up 23 percent to 110,100 bpd

* Analysts expected C$0.52 eps

* Lowers annual production forecast

* CEO to retire at start of 2014

CALGARY, Alberta, July 30 (Reuters) - Canadian Oil Sands Ltd , which owns the largest stake in the Syncrude Canada Ltd oil sands project in northern Alberta, said on Tuesday its quarterly profit more than doubled on higher oil production and strengthened prices, though it lowered its annual production estimate because of maintenance issues.

Canadian Oil Sands, which has a 37 percent stake in the massive Syncrude tar sands mining and synthetic crude operation, said profit rose to C$219 million ($213 million), or 45 Canadian cents per share, in the second quarter from a year-earlier C$101 million, or 21 Canadian cents.

Analysts, on average, had expected a profit of 52 Canadian cents a share, according to Thomson Reuters I/B/E/S.

During the quarter, production averaged 110,100 barrels per day, up 23 percent from a year earlier, with operating costs averaging C$43.23 a barrel, compared with C$50.25 a barrel last year.   Continued...