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Fort Hills

The Fort Hills oil sands mining and processing operation is a long-life, high-quality asset located in the Athabasca region of Alberta.

About Fort Hills

Fort Hills is located approximately 90 kilometres north of Fort McMurray, in the Athabasca oil sands region of northeastern Alberta. We hold a 21.3% interest in the Fort Hills Energy Limited Partnership, which owns Fort Hills, with 24.6% held by Total E&P Canada Limited and the remaining 54.1% held by the operator, Suncor Energy.

The partners announced they were proceeding with construction of Fort Hills in October 2013. First oil was achieved January 2018. Commissioning is now complete and production is expected to ramp up to full capacity by the beginning of the fourth quarter of 2018. 

Fort Hills has been designed to optimize and protect land use by utilizing the latest technology and approaches to tailings management and reclamation processes. Existing and future water quality standards and environmental regulations will be met or exceeded throughout the life of the operation. Fort Hills will aim to return all disturbed lands to as close to a natural state as possible.

 

Fort Hills Operating Results

Fort Hills (1)(3)

($ in millions)

2018

Blended bitumen price realized (US$/bbl)(2)(4)

$35.12

Bitumen price realized (CAD$/bbl)(2)(4)

$32.81

Operating netback (CAD$/bbl)(2)(4)

$(10.95)

Production (million bitumen barrels) 

6.8

Production (average barrels per day) 

31,955

Gross profit (loss) before depreciation and amortization(2)

$(106)

Gross profit (loss)

$(165)

(1) Fort Hills results for the year ended December 31, 2018 are effective from June 1, 2018.
(2) Non-GAAP Financial Measure. See “Use of Non-GAAP Financial Measures” section for further information.
(3) Fort Hills figures presented at our ownership interest of 21.3%.
(4) See “Use of Non-GAAP Financial Measures” section for reconciliation.
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