Type Subsidiary Key people Ryan M. Kubik (CEO) Revenue 3.912 billion CAD (2014) Founded 1978 Parent organization Suncor Energy | Industry Energy Website www.cdnoilsands.com Headquarters Calgary, Canada Net income 440 million CAD (2014) | |
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Canadian oil sands
Canadian Oil Sands Limited is a Canadian company that generates income from its oil sands investment in the Syncrude Joint Venture. Syncrude operates an oil sands facility and produces crude oil through the mining of oil sands from ore deposits in the Athabasca region of northern Alberta, Canada. As of January 2, 2007, the company holds a 36.74% interest in Syncrude, which is the largest stake of any of the joint owners.
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History
In 1978, Syncrude produced its first barrel of oil.
PanCanadian Petroleum (now Encana) formed Canadian Oil Sands Trust in 1995 with a 10% interest in Syncrude. The following year, Gulf Canada formed Athabasca Oil Sands Trust with an 11.74% interest in Syncrude. Canadian Oil Sands Trust and Athabasca Oil Sands Trust merged in 2001, continuing as Canadian Oil Sands Trust. Canadian Oil Sands Trust increased its interest in Syncrude to 35.5% in 2003. A further purchase of a 1.25% incremental interest brought the trust's interest in Syncrude to its current level of 36.74%. Other investors with a significant shareholding in Syncrude are Suncor Energy Inc., Imperial Oil Ltd., and two major Chinese oil outfits. The trust is reliant on Syncrude for its income, while its partners have other investments.
In 2011, Canadian Oil Sands Trust converted from a royalty trust to a corporation, becoming Canadian Oil Sands Limited.
In October 2015, the company was subject to a hostile takeover bid from Suncor Energy, worth around $3.29 billion. The bid followed rejected advances earlier in the year in March and April.
Operations
Canadian Oil Sand's primary business operation is through its 36.74 per cent interest in Syncrude.
The company also holds some arctic natural gas interests through a wholly owned subsidiary, Canadian Arctic Gas Limited.
The corporate head office is located in Calgary, Alberta.
Corporate governance
Canadian Oil Sand is a limited liability, publicly traded corporation. According to the 2014 Annual Report of Information, as at February 24, 2015, the members of the board of directors are: Ian A. Bourne, Gerald W. Grandey, Arthur N. Korpach, Ryan M. Kubik, Donald J. Lowry, Sarah E. Raiss, John K. Read, Brant G. Sangster, C.E. (Chuck) Shultz, Wesley R. Twiss and John B. Zaozirny, Q.C..