Canadian Oil Sands Limited Presents at Barclay's Americas Select Franchise Conference, May-21-2013 03:15 PM
May 8 13
Canadian Oil Sands Limited Presents at Barclay's Americas Select Franchise Conference, May-21-2013 03:15 PM. Venue: Langham Hotel, London, United Kingdom. Speakers: Marcel R. Coutu, Chief Executive Officer, President and Director.
Canadian Oil Sands Limited Elects Arthur N. Korpach as Director
May 1 13
Canadian Oil Sands Limited announced that the Annual and Special meeting of Shareholders of the company was held on April 30, 2013, approved the election of Arthur N. Korpach as Director of the company.
Canadian Oil Sands Limited Reports Unaudited Consolidated Production and Earnings Results for the First Quarter Ended March 31, 2013; Declares Quarterly Dividend, Payable on May 31, 2013; Provides Production and Earnings Guidance for 2013
Apr 30 13
Canadian Oil Sands Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of CAD 177 million or CAD 0.37 per basic and diluted share on revenues of CAD 938 million compared to net income of CAD 318 million or CAD 0.66 per basic and diluted share on revenues of CAD 978 million a year ago. Earnings from operating activities was CAD 286 million compared to CAD 413 million a year ago. Earnings before taxes was CAD 245 million compared to CAD 417 million a year ago. Comprehensive income was CAD 190 million compared to CAD 320 million a year ago. Cash from operating activities was CAD 328 million compared to CAD 566 million a year ago. Capital expenditures were CAD 268 million compared to CAD 141 million a year ago. Cash flow from operations was CAD 275 million or CAD 0.57 per share in the first quarter of 2013 compared with cash flow from operations of CAD 454 million or CAD 0.94 per share in the same quarter of 2012. The quarter-over-quarter decrease in cash flow from operations reflects lower sales volumes and higher current taxes, partially offset by lower Crown royalties. Net debt (long-term debt less cash and cash equivalents) increased to CAD 361 million at March 31, 2013 from CAD 241 million at December 31, 2012. Net income decreased primarily reflecting lower sales volumes, partially offset by lower Crown royalties and lower taxes.
For the quarter, sales volumes averaged 95,700 barrels per day compared with volumes averaging 108,100 barrels per day in the first quarter of 2012. Synthetic crude oil production in the 2013 first quarter totaled 23.4 million barrels, or 260,400 barrels per day, a 13% decrease from first quarter 2012 production of 26.8 million barrels, or 294,800 barrels per day. Production volumes in the first quarter of 2013 reflect unplanned outages in extraction and hydrotreating units, while 2012 first quarter production volumes reflect maintenance on Coker 8-1. Net to the Corporation, sales volumes decreased to 8.6 million barrels, or 95,700 barrels per day, in the 2013 first quarter from 9.8 million barrels, or 108,100 barrels per day, in the 2012 first quarter. The first quarter 2013 realized selling price averaged CAD 96 per barrel compared with CAD 97 per barrel in the 2012 first quarter, reflecting a lower WTI oil price largely offset by an improvement in the SCO differential to WTI. Crown royalties decreased in the first quarter of 2013, reflecting increases in deductible capital expenditures and lower bitumen volumes and prices.
The company provided production and earnings guidance for 2013. The company now estimates an annual production range for Syncrude of 100 million to 110 million barrels in 2013. The single- point production figure of 105 million barrels, 38.6 million barrels net to COS, incorporates a planned turnaround of Coker 8-1 in the second half of the year. Sales, net of crude oil purchases and transportation expense, of approximately CAD 3.3 billion reflect a production estimate of 38.6 million barrels and an CAD 85 per barrel plant-gate realized selling price.
The company estimates cash flow from operations of CAD 1,097 million, or CAD 2.26 per share. Capital expenditures are estimated to total CAD 1,298 million, comprised of CAD 839 million of spending on major projects, CAD 360 million in regular maintenance of the business and other projects, and CAD 99 million in capitalized interest. The company has increased estimated 2013 sales, net of crude oil purchases and transportation expense, to CAD 3,280 million, due to an increase in the forecast realized selling price partially offset by a decrease in estimated production volumes.
The company intends to maintain a quarterly dividend of CAD 0.35 per share in 2013, based on the assumptions provided in the company's outlook for 2013.
On April 30, 2013, the company declared a quarterly dividend of CAD 0.35 per Share for a total dividend of approximately CAD 170 million. The dividend will be paid on May 31, 2013 to shareholders of record on May 24, 2013. During the first quarter of 2013, the Corporation paid dividends to shareholders totaling CAD 170 million, or CAD 0.35 per share.