Net losses narrow at Athabasca Oil as company integrates newly acquired oil sands assets
Athabasca Oil Corp reported a 72% jump in Q1 production on its recent acquisition of operating assets from Statoil. Net losses for the quarter narrowed to $29.2 million. Among this quarter’s key highlights:
Production averaged 26,737 boe/day for the quarter, weighted 95% liquids.
Hangingstone is expected to undergo a planned maintenance turnaround sometime this spring which will crimp production in Q2. However, the facility is expected to reach its nameplate capacity of 12,000 bbl/day sometime next year.
Capital expenditures for the company's thermal assets was reduced by $30 million to $75 million, split $54 million at Leismer, $15 million at Hangingstone and $6 million for long dated thermal leases.
Thermal production guidance for 2017 remains unchanged at 29,000 to 32,500 bbl/day.