Canadian Oil Sands Earnings Set to Soar Amid Rising Oil Prices

Second-quarter earnings in Canada's energy patch are expected to be the highest since 2022, driven by strong production numbers and a 50% jump in oil prices.

The average thermal in-situ production was 1.43 million bbl/day in Q2, down from the Q1 record of 1.5 million bbl/day due to a 7-week maintenance turnaround at Firebag.

Several facilities set new quarterly records, including Christina Lake with 264,400 bbl/day, Jackfish SAGD with 136,500 bbl/day, and Sunrise with 63,800 bbl/day.

Cenovus Energy is the only exception to this trend, averaging 650,000 bbl/day of bitumen production from its four SAGD facilities in Q2.