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Canadian companies had record production in 2022

Updated: Apr 27, 2023

Through the first 9 months of 2022, Canada's 5 largest tar sands companies had a joint record production of 3.2 million barrels per day of crude (boed/d).

The profits presented for those first 9 months were C$27 billion (20 billion), almost double the C$15 billion in all of 2021. Without leaving behind the fact that in 2019 they had losses of C$19 billion, according to Argus Media.

These companies are Canadian Natural Resources; Cenovus; Suncor; Imperial Oil and MEG Energy, they have tasked this year with increasing its combined production to 3.5 million boed/d, as well as using its cash for debt repayments and share buy-back programmes.

In a short time, the results of all of 2022 will begin to be presented and it is expected to be one of its best years for them, due to the production record.

Along with the record in oil production, comes the Trans Mountain Expansion project that is almost ready

On the other hand, the Trans Mountain Expansion (TMX) pipeline project has a goal of completing the section that connects Edmonton with the docks in Burnaby, British Columbia by the end of 2023.

This is more than 75 percent complete and will not only allow Canadian producers to avoid the US when heading to Asian markets, but it will do so more quickly, as they will save about 10 days, less than half the 25 days from the US Gulf Coast.

They are already waiting for the return of demand from China, after its zero covid policy ends.

According to Trans Mountain, this pipeline was originally built in 1953 and continues to operate safely today.

On June 18, 2019 the Government of Canada approved the Trans Mountain Expansion Project.

The expansion is essentially a twinning of this existing 1,150 kilometers pipeline between Strathcona County (near Edmonton), Alberta and Burnaby, BC.

It will create a pipeline system with the nominal capacity of the system going from approximately 300,000 barrels per day to 890,000 barrels per day.

Canadian companies had record production in 2022
Photography used for illustrative purpose

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