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Canadian Oil Sands has applied the amendments effective January 1, 2013 in accordance with the applicable transitional provisions. Certain amounts reported in the Corporation's Consolidated Statements of Income and Comprehensive Income have been adjusted as follows:
Three Months Ended March 31, 2013 Before After($ millions) Adjustments Adjustments Adjustments-------------------------------------------------------------------------Operating expenses $ 355 $ - $ 355Net finance expense $ 9 $ 4 $ 13Tax expense $ 69 $ (1) $ 68Net income $ 180 $ (3) $ 177Re-measurements of employee future benefit plans $ 11 $ 3 $ 14 -------------------------------------------Earnings per Share $ 0.37 $ - $ 0.37-------------------------------------------------------------------------------------------------------------------------------------------------- Three Months Ended March 31, 2012 Before After($ millions) Adjustments Adjustments Adjustments-------------------------------------------------------------------------Operating expenses $ 321 $ (1) $ 320Net finance expense $ 7 $ 5 $ 12Tax expense $ 100 $ (1) $ 99Net income $ 321 $ (3) $ 318Re-measurements of employee future benefit plans $ - $ 3 $ 3 -------------------------------------------Earnings per Share $ 0.66 $ - $ 0.66--------------------------------------------------------------------------------------------------------------------------------------------------
2013 Outlook
(millions of Canadian dollars, except As of April 30 As of February volume and per barrel amounts) 2013 21 2013----------------------------------------------------------------------------Operating assumptionsSyncrude production (mmbbls) 105 110Canadian Oil Sands sales (mmbbls) 38.6 40.4Sales, net of crude oil purchases and transportation $ 3,280 $ 3,233Operating expenses $ 1,482 $ 1,482Operating expenses per barrel $ 38.41 $ 36.67Crown royalties $ 109 $ 113Current taxes $ 350 $ 350Cash flow from operations(1) $ 1,097 $ 1,045--------------------------------------------------------------------------------------------------------------------------------------------------------Capital expenditure assumptionsMajor projects $ 839 $ 836Regular maintenance $ 360 $ 393Capitalized interest $ 99 $ 97Total capital expenditures $ 1,298 $ 1,326--------------------------------------------------------------------------------------------------------------------------------------------------------Business environment assumptionsWest Texas Intermediate (U.S.$/bbl) $ 85.00 $ 85.00Discount to average Cdn$ WTI prices (Cdn$/bbl) $ - $ (5.00)Foreign exchange rate (U.S.$/Cdn$) $ 1.00 $ 1.00AECO natural gas (Cdn$/GJ) $ 3.50 $ 3.50--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Cash flow from operations is an additional GAAP financial measure and is defined in the "Additional GAAP Financial Measures" section of this MD&A.
