Everything you can have out there in the field is shutting due to the wildfires: Crescent Point CEOCrude production in Canada’s energy heartland fell to the lowest in seven years in June as heavy maintenance at oil-sands mines weighed on their output, according to Alberta Energy Regulator data.
Alberta’s total oil output dropped 21 per cent to 2.71 million barrels a day, the lowest since June 2016, when oil-sands producers were recovering from wildfires that shut about a million barrels a day of capacity. The biggest decline in June was from oil-sands mines, which saw output plummet 48 per cent to 712,000 barrels a day. Total oil-sands output fell 25 per cent to 2.15 million barrels a day.
Oil-sands mines including Imperial Oil Ltd.’s Kearl and Suncor Energy Inc.’s majority-owned Syncrude Canada Ltd. mines were undergoing maintenance last quarter. Kearl’s production was down 42,000 barrels a day versus the first quarter, Imperial said in its second-quarter earnings call. Imperial, a 25 per cent owner of Syncrude, saw its share of output from the site drop 10,000 barrels a day to 66,000 barrels a day in the quarter. Canadian Natural Resources Ltd.
Alberta Energy Regulator data released late last month showed some companies’ production recovering from wildfires, but the data only included production from wells, excluding oil-sands mines. Alberta’s oil production data has been converted from cubic meters a month to approximate barrels a day.
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Source: TerraceStandard - 🏆 24. / 68 Read more »