Canadian Oil Sands Limited (COSWF,COS.TO) said Friday its second quarter profit sharply declined from last year, hurt by lower revenues and increased transportation and other operating costs.
Canadian Oil reported second quarter net income of $101 million or $0.21 per share, compared to $346 million or $0.71 per share last year.
Net sales for the quarter were $866 million, compared to $994 million a year ago.
Average selling price for the quarter was lower at $90.45 per Bbl, compared to $111 per Bbl last year. Sales volumes averaged 90,000 Bbls per day, lower than 103,000 Bbls per day a year ago. Production totalled 8 million Bbls, compared to 9.4 million Bbls in the prior year.
Looking ahead to 2012, the company forecasts production of 40.4 million Bbls.
The company has declared a quarterly dividend of $0.35 per Share, payable on August 31 to shareholders of record on August 27.
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