RE:RE:RE:2015 Capex from Suncor Guidance
Presumably those figures do not include capitalized interest. I am no accountant but my understanding is that this interest will now be expensed since the major capital projects are (essentially) complete. In addition COS mentions 2015 to be a very bad royalty expense year due to previous horsetrading with the provincial government. The saving grace will be the utilization of $0.88 as the exchange rate instead of $0.97 in the 2014 forecast but WTI has fallen too far too fast to make this an even offset. Presumably development expenses and current taxes will be lower however. (I am running a mock 2015 forecast but will likely keep the output to myself and let namsoc continue providing his (her?) guidance.)