Canadian Oil Sands Ramps Up Production at Syncrude
Canadian Oil Sands announced that crude oil production from the Syncrude facility is now estimated to total 105 million barrels (38.6 million barrels net to the Trust) for 2010, with a production range of 102 million to 108 million barrels. The amended production target is the result of unplanned maintenance in certain upgrading units and an extension of the planned Coker 8-1 turnaround that is currently underway. The impact of this lower 2010 production on operating costs and capital expenditures is being assessed and updated guidance for the year is expected to be provided at the time third quarter results are released on October 27.
Canadian Oil Sands is the largest joint venture owner of Syncrude, a major producer of light, sweet, synthetic crude oil. We hold a 36.74 per cent working interest in Syncrude, generating revenue from its share of production and demonstrating a history of paying quarterly distributions. The Trust is a unique investment in long-term crude oil producing assets. Syncrude's productive capacity is 350,000 barrels per day and its reserve base could support production at that level for decades. Canadian Oil Sands Trust is an open-ended investment trust managed by Canadian Oil Sands Limited and has approximately 484.4 million units outstanding, trading on the Toronto Stock Exchange under the symbol COS.UN.
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