Bitumen-producer Suncor Posts Significant Loss

Via Nathan Vanderklippe at the Globe and Mail, we learn that Suncor, one of the original and bigger oil sands producers, has posted a C$215 million loss for the 4th quarter of 2008.

The price of oil has fallen since then. I don't imagine the other producers will be doing much better, although Suncor does burn the least amount of natural gas and predominately runs an open-pit mine to the best of my knowledge. As I've pointed out previously, the marginal cost-of-production for synthetic crude from bitumen is around $50/bbl. The article is claiming it's more like $36/bbl although that may not include refining. If the oil sands of Alberta shut down due to extended low prices, that's approximately $1.3 million barrels per day taken off the market.