Canadian Oil Sands Limited (COSWF,COS.TO: Quote) 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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by RTT Staff Writer
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