The data provided gives an overview of the costs, revenues and royalties paid for each oil sands project in Alberta for 2018.
The information published here is royalty project data, and is only relevant to and arises from royalty calculations. The information is solely intended for the purpose of calculating royalties under the Oil Sands Royalty Regulation, 2009. Please note that this information may differ substantially from other financial information, including but not limited to, financial or accounting data reported for income tax purposes, financial statements or other reporting to stakeholders, whether at an oil sands project level or corporate level. The oil sands royalty project data is derived in accordance with the Oil Sands Royalty Regulation, 2009, the Bitumen Valuation Methodology (Ministerial) Regulation and the Oil Sands Allowed Costs (Ministerial) Regulation. The information is not comparable with other financial data and is not intended to be used for comparison purposes with any other financial data.
Oil sands projects data sets
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|Project||Project name||Operator name||Reporting year||Project revenue ($)||Diluent cost ($)||Gross revenue ($)||Cleaned crude bitumen at RCP (barrels)||Gross revenue ($/bbl)||Operating costs ($)||Capital costs ($)||Return allowance ($)||Other costs ($)||Other net proceeds ($)||Net revenue ($)||Royalty type||Royalty rate (%)||Royalty payable ($)||Payout status||Unrecovered balance/Net loss at EOP ($)||Footnote|
|CSR005||Peace River||CANADIAN NATURAL RESOURCES LIMITED||2018||$29,941,024||$15,768,831||$15,759,225||520,260||$30.29||$28,254,322||$4,997,296||$577,586,515||$787,961||$11,334,783||$0||GROSS||5.00||$787,961||PRE||$6,360,581,353|
|CSR006||Wolf Lake Crown Agreement||CANADIAN NATURAL RESOURCES LIMITED||2018||$88,946,345||$35,920,545||$54,483,609||1,556,350||$35.01||$121,832,413||$66,534,719||$720,822,994||$544,836||$142,187,839||$0||GROSS||1.00||$544,836||PRE||$7,931,943,395|
|CSR008||Lindbergh Crown Agreement||CANADIAN NATURAL RESOURCES LIMITED||2018||$103,885,877||$0||$103,885,877||2,673,834||$38.85||$37,487,458||$35,782,877||$0||$0||$1,356,967||$31,972,509||NET||29.61||$9,468,080||POST||$0|
|CSR009||Elk Point Crown Agreement||CANADIAN NATURAL RESOURCES LIMITED||2018||$20,270,832||$0||$20,739,231||521,026||$39.80||$15,612,447||$7,707,918||$56,760,049||$1,036,962||$8,190,147||$0||GROSS||5.00||$1,036,962||PRE||$623,686,199|
|OSR003||John Lake||BLACKPEARL RESOURCES INC.||2018||$6,249,653||$0||$6,249,653||180,603||$34.60||$3,529,192||$1,882,924||$1,672,205||$297,884||$64,182||$0||GROSS||4.77||$297,884||PRE||$73,253,678|
|OSR004||Seibert Lake||CANADIAN NATURAL RESOURCES LIMITED||2018||$152,941,759||$0||$152,941,759||3,964,578||$38.58||$56,828,672||$39,766,192||$0||$0||$1,885,401||$58,232,296||NET||31.89||$18,572,073||POST||$0|
|OSR005||Ft. Kent||CANADIAN NATURAL RESOURCES LIMITED||2018||$129,748||$0||$129,748||3,519||$36.87||$143,500||$549,114||$55,240||$2,424,846||$0||$0||GROSS||4.68||$6,067||POST||$3,042,952|
|OSR006||Brintnell||CANADIAN NATURAL RESOURCES LIMITED||2018||$178,394,824||$30,385,713||$148,009,111||3,587,132||$41.26||$30,961,906||$26,771,106||$0||$0||$4,114,677||$94,390,776||NET||31.89||$30,104,126||POST||$0|
|OSR007||Frog Lake||CANADIAN NATURAL RESOURCES LIMITED||2018||$348,869||$0||$348,869||8,928||$39.08||$447,542||$264,178||$25,147||$1,116,310||$7,551||$0||GROSS||4.68||$16,314||POST||$1,496,757|
|OSR008||Elk Point||CANADIAN NATURAL RESOURCES LIMITED||2018||$95,410||$0||$95,410||2,636||$36.19||$12,444,837||$1,157,797||$1,206,225||$52,911,049||$13,369,293||$0||GROSS||4.68||$4,462||POST||$54,255,205|
Below are the terms used when calculating oil sands royalties. The definition of some of these terms are uniquely defined in the context of calculating oil sands royalties, and may not entirely agree with generally accepted definitions of the term.
- Project revenue
- Total amount of revenue reported for the Royalty Project from all oil sands products (for example: clean crude bitumen, diluted bitumen, other by-products).
- Diluent costs
- Oil sands products frequently must be blended with diluent to be transported. Diluent costs are the total value of the diluent in the blended volumes of oil sands products sold.
- Gross revenue
- This is the total revenue for the Royalty Project, minus the total diluent cost. It's calculated at the point where products leave the project (royalty calculation point). Note that this value cannot be less than zero. This definition of Gross Revenue is for royalty purposes only and is not comparable to gross revenue as defined and used in financial instruments.
- Cleaned Crude Bitumen at Royalty Calculation Point
- This is the total amount of bitumen produced by the Royalty Project passing through the Royalty Calculation Point (generally where products leaving the Royalty Project are measured).
- Gross Revenue per barrel
- This is the Gross Revenue divided by the Cleaned Crude Bitumen produced by the Royalty Project and passing through the Royalty Calculation Point.
- Operating costs
- Operating costs are allowed expenses for daily activities and operations of a Royalty Project, such as well operations, steam generation, and mining and extraction.
- Capital costs
- Capital costs are the allowed expenditures to construct, commission or expand a Royalty Project’s bitumen production capacity, or to maintain production of the project at a certain level through the replacement of facilities or production wells.
- Return allowance
- An allowed cost to a Royalty Project that represents a minimum return on funds invested. The return allowance is applied to the surplus of total costs minus total revenues for pre-payout projects. It can also be applied to any loss in a given year for post-payout projects. A return allowance that has been calculated for a given period becomes an allowed cost in the following period. It's calculated based on the Bank of Canada’s Long Term Bond Rate.
- Net revenue
- The amount by which the Royalty Project's revenue exceeds allowed costs, minus other net proceeds. Net revenue can never be below zero.
Calculated as Gross Revenue – Operating Costs – Capital Costs – Return Allowance – Other Costs + Other Net Proceeds.
- Royalty rate
- Royalty rate is shown as either a gross royalty rate between 1-9% of gross revenues, or a net royalty rate between 25-40% of net revenues, depending on if the project is pre- or post-payout and the current WTI price in Canadian dollars. For pre-payout projects, a gross royalty rate is used.
For post-payout projects, either a gross royalty rate or net royalty rate is used, whichever calculation results in the higher amount of royalties payable.
- Royalty payable
- The amount of royalties calculated as payable to the Crown in the given period.
It's calculated as Gross Revenue x Gross Royalty Rate or Net Revenue x Net Royalty Rate.
- Other Net Proceeds
- Other net proceeds are generally any considerations received by the Royalty Project from anything other than the sale of oil sands products.
- Other costs
- Any allowed costs not already identified in the previously mentioned cost categories.
- Royalty Type
- The Royalty Type displays whether the royalties are calculated from gross revenues or net revenues.
- Payout Status
- The payout status will either be pre-payout (when cumulative costs exceed cumulative revenues) or post-payout (once cumulative revenues equal or exceed cumulative costs).
- Unrecovered Balance or Net Loss at End of Period
- The unrecovered balance is the amount by which cumulative costs exceed cumulative revenues. This applies only to a pre-payout project. Note that the unrecovered balance, in combination with other royalty reporting data, should not be used as a means of forecasting when a project will reach payout. There are many factors that can influence how an unrecovered balance may change over time, including oil prices, production volumes, and changes in operations or project expansions that may add costs to an unrecovered balance.
If a Royalty Project has already achieved payout, there is no longer an unrecovered balance. However there may be a net loss in a given period shown here. This net loss can be carried forward as an allowed cost in a subsequent period.