Conoco's Surmont shift to weigh on Canadian synthetic crude - Bloomberg [Seeking Alpha]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: Seeking Alpha
Conoco's Surmont shift to weigh on Canadian synthetic crude - Bloomberg ConocoPhillips' (NYSE: COP may hurt companies COP currently uses synthetic crude produced in local upgraders to thin out the bitumen extracted from wells at its 150K bbl/day Surmont site, but by end of Q4, Surmont will be able to switch to using condensate as a diluent instead, according to documents submitted to the Alberta Energy Regulator. A Surmont switch to 100% condensate would amount to more than 10% of the total volume of synthetic crude produced in Canada, according to Canadian Energy Regulator data, a loss of demand that may depress prices of synthetic crude. The result likely would hurt companies such as Suncor Energy (NYSE: SU CNQ Synthetic crude prices have weakened ahead of the changes; after trading at a premium to WTI futures since June, the grade flipped to discount last week and is now trading at US$1.25/bbl below WTI, Bloomberg reports.
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COP
Earnings
- 2/8/24 - Beat
COP
Sec Filings
- 4/17/24 - Form PX14A6G
- 4/17/24 - Form 4
- 4/2/24 - Form 4
- COP's page on the SEC website