Connacher Oil & Gas Ltd CLLZF

oil sands trust

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Canadian Oil Sands Trust profit jumps 42% Last Updated Wed, 25 Jan 2006 18:05:04 EST CBC News Fourth-quarter profit at Canadian Oil Sands Trust surged 42 per cent as cash flow more than doubled on the strength of high oil prices. Canadian Oil Sands Trust (TSX:COS.un), which is the biggest partner in the huge Syncrude oilsands venture in northern Alberta, said it made $173.6 million ($1.87 per unit) in Q4, compared to net income of $122.1 million ($1.34 a unit) in the same period a year earlier. Cash flow in the fourth quarter was $264 million ($2.86 a unit). That was up 117 per cent from the same quarter a year earlier. "Fundamentals point to continued strength in crude oil prices and Canadian Oil Sands Trust is in an enviable position to benefit from this market," Marcel Coutu, the chief executive of the trust, said in a statement. Total annual production of its "Syncrude Sweet Blend" in 2005 came to 78.1 million barrels. That was 10 per cent lower than 2004's production of 87.2 million barrels. The trust also announced a quarterly distribution of $1 a unit, the second consecutive quarter in which the trust has doubled its usual 50-cent dividend. Canadian Oil Sands Trust units lost $2.04 to $144.83 Wednesday, ahead of the earnings announcement. The trust and a related limited partnership own 36.7 per cent of Syncrude.