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ConocoPhillips: New Life In Oil Sands Assets

Summary

After bringing the Surmont 2 SAGD oil sands expansion online last year, ConocoPhillips has two additional oil sands expansions underway at its FCCL partnership with Cenovus Energy.

With WTI above $40/barrel, ConocoPhillips' SAGD operations are capable of generating positive operating cash flow in the face of hefty pricing differentials out of Alberta.

Bringing the Foster Creek and Christina Lake expansions online is a continuation of ConocoPhillips' capex cutting plan while enabling the upstream super-major to keep its production levels stable.

Back in September 2015, ConocoPhillips (NYSE:COP) brought the Surmont 2 expansion online with its 50/50 partner Total (NYSE:TOT) up in Alberta. As production from the...


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