RE:RE:RE:Q4 Cash Flow Estimate Namsoc,
I don't think it is correct to ignore capitalized interest in so far as it relates to cash flow and therefore distributable cash. It is possible that some portion of the capitalized interest is not current use of cash, but the cash interest on the debt that is being paid currently should be a reduction in cash flow.
The next comment relates to your 2015 estimate of distributable cash of $.44/qtr at $100 BO. Which is 1 cent less than Q4 2013 $.45/ quarter. Seems odd with capex decreasing from 2013 to 2015. I don't recall the oil price you used for 2013 so that may be the difference.
Lastly I calculated that you assumed oil production of ~287,000 BOPD at syncrude for 2014 and a very modest increase to. ~ 290,000 BOPD at syncrude for 2015. Hopefully that assumption is light.
At some point Syncrude needs to make meaningful advances on the 350,000 BOPD capacity.