ALBERTA OILSANDS PROFITS RISE

Several partners in the Syncrude Canada Ltd. oilsands plant in northern Alberta report record production and profits in 1990. Esso Resources Canada Ltd. listed Syncrude related profits of $61 million in 1090, up 53% from 1989. Canadian Occidental Petroleum Ltd. reported net profits of $19.4 million from Syncrude, 12 times the 1989 yield. Alberta Energy Company Ltd. does not break out earnings from specific projects but said it was "very satisfied" with Syncrude profits.

April 15, 1991

Several partners in the Syncrude Canada Ltd. oilsands plant in northern Alberta report record production and profits in 1990.

Esso Resources Canada Ltd. listed Syncrude related profits of $61 million in 1090, up 53% from 1989. Canadian Occidental Petroleum Ltd. reported net profits of $19.4 million from Syncrude, 12 times the 1989 yield.

Alberta Energy Company Ltd. does not break out earnings from specific projects but said it was "very satisfied" with Syncrude profits.

Record production of 57.1 million bbl in 1990 and price increases related to the Persian Gulf war were cited as profit factors.

Syncrude's cost of production also declined.

A number of Syncrude partners have said they are interested in selling their interests. They include the Alberta government with a 16.74% interest, Petro-Canada 17%, Gulf Canada Resources Ltd. 9.03%, and Canadian Oxy 7.23%.

Suncor Inc., sole owner of another oilsands plant in the area, also is seeking a buyer for a share of its operation.