Canadian Oil Sands profit soars

Sky high: Canadian Oil Sands profit up 84%

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By News Wires

 28 April 2011 21:52 GMT

Profit at Canadian Oil Sands, which has the biggest stake in the Syncrude Canada oil sands consortium, rose 84% in the first quarter due to higher production and prices, the company said on today.

Canadian Oil Sands, which converted out of the trust format at the beginning of the year in step with federal tax changes, earned C$324 million ($340 million), or 67 Canadian cents a share, in the quarter, up from a year-earlier C$176 million, or 36 Canadian cents per share.

The company had been expected to earn 62 Canadian cents a share, according to the average estimate of analysts polled by Thomson Reuters I/B/E/S.

Canadian Oil Sands has a 37% stake in Syncrude, one the largest miners and processors in the tar sands of northern…

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