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ConocoPhillips Resumes Operations At Surmont Oil Sands

ByZacks Investment Research
Published 06/07/2016, 09:55 PM
Updated 07/09/2023, 06:31 AM

ConocoPhillips (NYSE:COP) has restarted 10% of the wells at its 60,000 barrels per day (bpd) Surmont oil sands project. The project was shut down to protect it from a huge wildfire in northern Alberta.

The company had its thermal project shuttered for 29 days. The thermal project is located about 63 kilometers (35 miles) southeast of Fort McMurray, which was the worst affected by the fire. The project yielded first oil after restarting last Friday.

The oil sands region is the world’s third-largest crude reserve. The closure of projects in the area due to the blaze halted production of over a million barrels per day of crude. However, most producers are now in the process of activating their plants.

Prior to the wildfire, the joint venture between ConocoPhillips and Total SA (PA:TOTF) (TOT) had a production level of 60,000 bpd. Of this, ConocoPhillips alone was responsible for production of 30,000 bpd. The company refused to specify the timeline for the site to reach its full pre-fire production levels. However, management believes that it is on track to reach a capacity of 150,000 bpd gross by the end of 2017.

Earlier, the company had confirmed that there was negligible damage at Surmont and its operations will continue as planned. The majority of the company’s about 700 employees were expected on-site by the end of this week.

Currently, ConocoPhillips – the largest U.S. independent oil company – carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include CVR Refining, LP CVRR, ReneSola Ltd. (NYSE:SOL) and Braskem S.A. (NYSE:BAK) . All these stocks sport a Zacks Rank #1 (Strong Buy).


BRASKEM SA (BAK): Free Stock Analysis Report

CONOCOPHILLIPS (COP): Free Stock Analysis Report

RENESOLA LT-ADR (SOL): Free Stock Analysis Report

CVR REFINING LP (CVRR): Free Stock Analysis Report

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