Newspaper article The Canadian Press

Canadian Oil Sands Ltd. Lowers Guidance Range for Syncrude Mine Again

Newspaper article The Canadian Press

Canadian Oil Sands Ltd. Lowers Guidance Range for Syncrude Mine Again

Article excerpt

Canadian Oil Sands lowers guidance range

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CALGARY - Canadian Oil Sands Ltd. (TSX:COS), the largest owner of the Syncrude Canada Ltd. oilsands mine, is once again reducing its 2013 production target as unplanned outages and longer-than-expected maintenance downtime cut into its third-quarter results.

In its third guidance revision this year, the Calgary-based company is now expecting production from Syncrude, a large mine located north of Fort McMurray, Alta., to range between 97 million and 100 million barrels. In July, Canadian Oil Sands predicted a range of between 100 million and 104 million.

"It has been a particularly challenging year for Syncrude operations with maintenance issues in our extraction facilities and an extended coker turnaround in the third quarter," CEO Marcel Coutu, who is set to retire in the new year, said on Wednesday.

"Syncrude is continuing to work through the implementation of reliability systems, and improving reliability remains ours and Syncrude's main focus."

Syncrude owns 37 per cent of Syncrude. …

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