Canadian Oil Sands sees profits slip

Brent steadies31 January 2014, News Wires – Alberta-based Canadian Oil Sands saw profits slip during the fourth quarter of the year as expenses rose.

The company’s net income for the December quarter totalled C$192 million (US$171.7 million), down from C$218 million during the corresponding quarter in 2012.

The fall in profits came despite sales volumes rising during the recent quarter, from 111,669 barrels per day a year earlier, to 112,092 bpd.

Canadian Oil Sands said the fall in profits reflected higher depreciation and depletion expense, which rose to C$153 million, and a C$30 million increase in foreign exchange loss to C$46 million.



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