Canadian Oil Sands Says No Plan To Sell Future Production
CALGARY, Alberta, Sept 9 (Reuters) - Canadian Oil Sands Ltd , the largest stakeholder in the Syncrude oil sands project, said on Wednesday it had reviewed selling a small portion of its future production but decided against the option for now.
COS spokeswoman Siren Fisekci said a sale would have involved a small percentage of revenues COS generates from crude production in a exchange for a one-time payment.
She declined to comment on a Wall Street Journal report that the company had spoken with Boston-based hedge fund Highfields Capital Management, a COS shareholder, about selling future production to bolster its finances.
"We have evaluated it in light of what other companies have done," Fisekci said, citing recent sales by Cenovus Energy Inc and Encana Corp of freehold royalty properties to raise cash.
"Our view is that we do not need additional funding but it remains an option available."
COS owns 37 percent of the Syncrude project in northern Alberta, which produced just over 300,000 barrels per day of light, sweet synthetic crude last month.
Like most other Canadian oil and gas producers the company has been hard hit by a slump in global crude prices.
COS shares edged down 7 Canadian cents on the Toronto Stock Exchange to C$6.46 shortly after midday. The stock has plunged more than 70 percent since June 2014 when crude prices first started to slide.
(Reporting by Nia Williams; Editing by Richard Chang)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea