Net losses narrow at Athabasca Oil as company integrates newly acquired oil sands assets

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. 

  • Leismer averaged 22,521 bbl/day while Hangingstone averaged 8,552 bbl/day in Q1.

  • 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.

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CNRL delivers another solid quarter and charts a path to major growth

CNRL delivers another solid quarter and charts a path to major growth

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