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

The Fort Hills oil sands mine is located in northern Alberta. We hold a 21.3% interest in the Fort Hills Energy Limited Partnership (Fort Hills Partnership), which owns the Fort Hills oil sands mine, with Total E&P Canada Ltd. (Total) and Suncor Energy Inc. (Suncor) holding the remaining interest. An affiliate of Suncor is the operator of the project.

Our gross loss from Fort Hills was $133 million in 2021, compared with a gross loss of $326 million in 2020 and a $10 million gross profit in 2019. The gross loss in 2021 decreased primarily due to an increase in global benchmark crude oil prices, including Western Canadian Select (WCS), partially offset by higher operating costs.

Our 21.3% share of bitumen production from Fort Hills was 19,935 barrels per day in 2021. This compares to 22,875 barrels per day produced in 2020.


Fort Hills Operating Results

Fort Hills1

($ in millions)

2021 2020


Western Canadian Select (US$/bbl)

$54.87 $26.82


Blended bitumen price (realized US$/bbl)

$58.14 $27.99


Bitumen price (realized CAD$/bbl)




Operating netback (CAD$/bbl)2




Production (million bitumen barrels)

7.3 8.4


Production (average barrels per day)




Sales (million blended bitumen barrels)

9.3 11.6


Gross profit (loss) 




Gross profit (loss) before depreciation and amortization2




1 Fort Hills figures presented at our ownership interest of 21.3%.
2 This is a non-GAAP financial measure or ratio. See "Use of Non-GAAP Financial Measures and Ratios" section of the Management's Discussion and Analysis for further information.