Reply from IR dept re CAPEX Our reserve evaluator uses the Syncrude Business Plan as a key input into their evaluation. Syncrude’s business plan often adds projects into scope that may or may not happen, but appropriately focus attention on the issue. The year-over-year increase is due to some potential capital projects that Syncrude added into their business plan. The evaluator has included these projects into its estimates. Canadian Oil Sands has a different view and efforts are underway to adjust the plans and remove these projects from the scope.
As well, Syncrude has continued to hold a more conservative and slightly different profile for the current major capital projects underway. See COS’ 2013 annual report for an update on these projects as well as future updates as the year progresses.