RE:Q1/2023 COP CC Second Question by Neil Mehta On Surmont
- more color in the COP CC
- there is some huge tax loss carryforwards being bought by SU on the Fort Hill and Surmont properties with the TotalEnergies acquisitions
- so not only a long-life low-decline high-capital efficiency SAGD asset but there are very tempting tax pools in the 50% Surmont property transfer
- sort of like a MEG Energy type situation
- in the Q1/2023 COP results on the Canadian assets:
BOP (50% share Surmont) @ 69K bbls/d
BOE (rest of COP Canada assets) @ 20K bbls/d
Capex (COP Canada including 50% Surmont) : USD 136 million
Operating Margin (COP Canada) : USD 6 million
- so the Q1/2023 100% Surmont BOP is ~ 138,000 bbls/d which is 12,000 bbls/d lower than the peak BOP of 150,000 bbls/d in September 2022
z173