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Western Canadian Select (WCS) is a heavy sour blend of crude oil [1] that is one of North America's largest heavy crude oil streams [2] and, historically, its cheapest. [3] It was established in December 2004 as a new heavy oil stream by EnCana (now Cenovus), Canadian Natural Resources, Petro-Canada (now Suncor) and Talisman Energy (now Repsol Oil & Gas Canada). [4]
The ERCB estimates that by 2017 oil sands production will make up 88% of Alberta's predicted oil production of 3.4 million barrels per day (540,000 m 3 /d). [6] The fivefold increase in oil prices from 1998 to 2007 made Canadian oil sands production profitable.
As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
The recent differential between the price Canadian oil sand producers fetch compared to the West Texas Intermediate (WTI) benchmark of the U.S. has been close to record levels. That differential ...
The company was founded in 2001, and is one of the largest independent oil and gas producers in Canada, having a significant presence in the Western Canadian Sedimentary Basin. [1] In 2024, the company changed its name to Veren and is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol VRN. [2]
In recent years, Canadian oil sands producers' performance has significantly lagged that of its peers targeting U.S. tight oil formations, such as Texas' Eagle Ford and North Dakota's Bakken. Part ...
A spate of poor financial results on the back of softening crude prices, rising costs and low netbacks has seen investors lose interest in Canada's oil sand industry. This has driven down the ...
Syncrude Canada Ltd. is one of the world's largest producers of synthetic crude oil from oil sands and the largest single source producer in Canada.It is located just outside Fort McMurray in the Athabasca Oil Sands, and has a nameplate capacity of 350,000 barrels per day (56,000 m 3 /d) of oil, equivalent to about 13% of Canada's consumption. [1]