Neil Mehta question...answered by Ryan Lance & Andy O'Brien Neil Mehta
Yes. Thank you so much and congrats on a really good Lower 48 quarter in particular. Ryan, I think you sort of cut -- headed this question off, but I'd love you to comment to the extent you can on Surmont, recognizing it's an active situation. And as you think about that asset, first of all, it seems from the Analyst Day that it is a core position for you guys. And just any thoughts on whether it makes sense to be a bigger part of the portfolio to the extent you can comment at all?
Ryan Lance
Yes, Neil, thanks. No, I can let Andy maybe make a few comments about the assets, which would be kind of reiterating what we said at the Analyst Meeting. But yes, we're in receipt of the notice on the transaction between Total and Suncor. We have a right on the Surmont asset, which we know really well because we own 50% and operate it. So we're in the process of taking a pretty serious look at that. I can maybe have Andy reiterate some of our thoughts about the asset that we described in the Analyst Meeting.
Andy O’Brien
Good morning, Neil. Yes, as we said in the Analyst Meeting, we do like Surmont as the nice sort of long life, low capital intensity asset for us. As we covered in the Analyst Meeting, that low capital intensity is an important part of our portfolio. And just to sort of reiterate that, sort of the maintenance capital on Surmont -- I'm referring now to our 50% share of Surmont, has been in the $20 million to $30 million a year range for the last four, five years.
And you'll recall, I mentioned that we're drilling our first new pad since 2016. Now that pad, for example, will be in the $40 million to $50 million. So it's a very low capital intensity asset for us with that sort of basically flat production profile. And as you know, sort of -- pretty much all of our other driver information we disclose in terms of our production data, our bitumen realizations, our operating costs, that's all out there. So you can form your own view on the asset, but it's an asset that is a core asset in our portfolio. I'll probably just stop there.