Foreign producers’ oilsands sales boost Calgary companies’ Q3 results
CALGARY — Two Calgary-based oilsands producers reported huge production gains in their most recent quarters after spending billions of dollars last spring to buy assets from foreign companies anxious to exit the northern Alberta heavy oil resource.
Canadian Natural Resources Ltd. (TSX:CNQ) said Thursday that for the first time, its output averaged more than one million barrels of oil equivalent per day during its third quarter ended Sept. 30. Production was up 41 per cent from the year-earlier period, thanks mainly to its deal to buy most of the Canadian oilsands mining assets of Royal Dutch Shell for about $11.1 billion.
Meanwhile, Cenovus Energy Inc. (TSX:CVE) reported more than doubling its output to 590,851 barrels of oil equivalent per day, up from 273,405 a year ago, as it absorbed Canadian assets of Houston-based ConocoPhillips, including its half interest in jointly owned oilsands assets, purchased for $17.7 billion.
The third quarter was the first full quarter since the two deals were completed.