Canadian Oil Sands profit jumps 40 pct

Mon Oct 29, 2012 7:28pm EDT
 
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Oct 29 (Reuters) - Canadian Oil Sands Ltd, which owns the largest stake in Syncrude Canada Ltd, posted a 40 percent rise in third-quarter profit as sales volumes rose and costs fell.

Canadian Oil Sands, which has a 37 percent stake in the massive Syncrude tar sands mining and synthetic crude operation in northern Alberta, earned C$338 million ($337.85 million), or 70 Canadian cents a share, up from a year-earlier C$242 million, or 50 Canadian cents a share.

Analysts on average had expected a profit of 57 Canadian cents per share, according to Thomson Reuters I/B/E/S.

During the quarter, sales averaged 113,300 barrels a day net to the company, up about 4 percent from a year earlier, with operating costs averaging C$36.17 a barrel, compared with C$37.19 last year. Canadian Oil Sands shares closed at C$20.60 on the Toronto Stock Exchange on Monday.