results are out
Press Release Details Canadian Oil Sands Announces Second Quarter Results and a $0.35 Per Share Dividend 07/31/2014 CALGARY, ALBERTA--(Marketwired - July 31, 2014) - Canadian Oil Sands Limited (TSX:COS)(OTCQX:COSWF) - All financial figures are unaudited and in Canadian dollars unless otherwise noted. "This was a challenging quarter given overlapping outages on two of our three cokers; however, we are pleased that Syncrude executed the maintenance work safely and efficiently, with the final unit returning to service by early July," said Ryan Kubik, President and Chief Executive Officer. "Syncrude is now focused on a return to more stable operations and the completion of the Mildred Lake Mine Train Replacement project, which remains on budget and is on track to start up in the fourth quarter of the year." Highlights for the three months ended June 30, 2014: -- Cash flow from operations for the quarter was $240 million ($0.50 per Share) compared with $340 million ($0.70 per Share) in the same quarter of 2013 as higher realized selling prices and lower current taxes partially offset the impact of lower sales volumes. -- Net income of $176 million ($0.36 per Share) was recorded for the quarter compared with $219 million ($0.45 per Share) in the second quarter of 2013. The decrease in net income reflects lower sales volumes and higher Crown royalties, partially offset by a higher realized selling price and foreign exchange gains on long-term debt in 2014 as opposed to foreign exchange losses in 2013. -- Sales volumes for the quarter averaged 77,064 barrels per day, down from 100,094 barrels per day in the comparative 2013 quarter due to an unplanned outage of Coker 8-1 and the planned turnaround of Coker 8-2. -- Operating expenses were $418 million in the second quarter of 2014 compared with $394 million the same quarter of 2013; the increase was due mainly to maintenance costs associated with the unplanned outage of Coker 8-1, higher natural gas prices, as well as an increase in the value of Syncrude's long-term incentive plans. On a per barrel basis, operating expenses in the second quarter of 2014 increased to $59.64 from $43.23 during the same period of 2013, reflecting the impact of lower sales volumes on a high proportion of fixed operating expenses. -- The Mildred Lake Mine Train Replacement project reached an estimated 94 per cent completion and is on schedule to be in service during the fourth quarter of this year. -- The Centrifuge Tailings Management project reached an estimated 85 per cent completion and is on schedule to be in service during the first half of 2015. -- COS declared a quarterly dividend of $0.35 per Share, payable on August 29, 2014 to shareholders of record on August 22, 2014.