Canadian Pure Assets Restricted reported internet earnings of $722.2 million (CAD 987 million) for the primary quarter, in comparison with $1.32 billion (CAD 1.8 billion) in the identical interval in 2023.
Canadian Pure elevated its common manufacturing within the first quarter 12 months over 12 months to 1,333,502 barrels of oil equal per day (boepd), consisting of complete liquids manufacturing of 975,668 barrels per day (bpd) and pure fuel manufacturing of two,147 million cubic ft per day (MMcfpd), in line with the corporate’s current earnings launch.
Manufacturing within the previous-year quarter was 1,319,391 boepd, consisting of complete liquids manufacturing of 962,908 bpd and pure fuel manufacturing of two,139 MMcfpd.
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Canadian Pure President Scott Stauth mentioned, “Crude oil worth forecasts have strengthened for the rest of 2024, together with enhancements in West Texas Intermediate (WTI), Western Canadian Choose (WCS) and Artificial Crude Oil (SCO) pricing over these costs skilled within the first quarter of 2024, driving important focused free money circulate era going ahead”.
“Canadian Pure’s massive, distinctive and diversified asset base offers a key aggressive benefit enabling us to successfully allocate capital throughout our asset base and handle the tempo and timing of growth actions, maximizing worth for our shareholders,” Stauth mentioned.
“We’re executing on our 2024 plan which is strategically weighted to longer cycle thermal growth tasks within the first half of the 12 months and shorter cycle progress tasks within the second half of the 12 months, which aligns with elevated market egress and improved ahead strip crude oil pricing. In consequence, we goal to complete the 12 months with sturdy exit charges as standard exercise ramps up within the second half of the 12 months,” he continued.
The corporate’s near-term tasks embody the reliability enhancement challenge at Horizon Oil Sands, which targets to extend the two-year common artificial crude oil capability by roughly 14,000 bpd by extending the turnaround schedule to as soon as each two years.
“In Oil Sands Mining and Upgrading, on the Horizon web site, we’re properly ready for 2024 turnaround exercise and ultimate tie ins of the reliability enhancement challenge within the second quarter of the 12 months which might be adopted by focused sturdy manufacturing within the second half of the 12 months with excessive upgrader utilization,” Stauth outlined. “By optimization efforts and early turnaround work achieved in early 2024, we’ve lowered the Horizon turnaround to twenty-eight days from 30 days and improved the commissioning schedule for the reliability enhancement challenge. These optimizations will advance and shorten commissioning timing after the turnaround to help excessive focused utilization and manufacturing charges within the second half of the 12 months”.
“We’ve got an outlined path to scale back our environmental footprint and proceed delivering sustainable, responsibly produced vitality that the world wants. We’re dedicated to supporting Canada’s and Alberta’s local weather targets and have sturdy environmental targets, together with internet zero greenhouse fuel (GHG) emissions for the oil sands by 2050. We’re uniquely positioned with numerous, lengthy life low decline property, which are perfect for making use of GHG discount applied sciences and offering trade main environmental efficiency,” he added.
Canadian Pure Chief Monetary Officer Mark Stainthorpe, mentioned, “In Q1/24, we delivered sturdy monetary outcomes, together with adjusted internet earnings of roughly $1.5 billion and adjusted funds circulate of $3.1 billion, which drove important returns to shareholders totaling $1.7 billion within the quarter. Commencing in 2024, we’re returning 100% of free money circulate to shareholders, as per our free money circulate allocation coverage, and proceed to handle the allocation on a ahead trying annual foundation”.
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