Syncrude performance since 2007:

Volume 111 mil barrels in 2007 and lower in the consecutive years to an average 104 mil barrels

Price: fluctuates between $65 and $101

Cost was $27 a barrel in 2007, going up to $37

Capex steady stream of spending an average of $1.2 bil/year

 

In this type of environment the only unknown element is the price the rest should be managed by the company. Until a brilliant financial CEO takes the helm of Syncrude or a takeover, COS will be swinging.