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Syncrude operations
During the first quarter of 2013, Syncrude produced an average of 260,400 barrels per day (total 23.4 million barrels), down from 294,800 barrels per day (total 26.8 million barrels) during the same 2012 period. Production in the first quarter of 2013 mainly reflects unplanned outages in extraction and hydrotreating units.
2013 Outlook revised
Canadian Oil Sands provides the following key estimates and assumptions for 2013:
-- We now estimate an annual production range for Syncrude of 100 million to 110 million barrels in 2013. The single- point production figure of 105 million barrels, 38.6 million barrels net to COS, incorporates a planned turnaround of Coker 8-1 in the second half of the year.-- Sales, net of crude oil purchases and transportation expense, of approximately $3.3 billion reflect a production estimate of 38.6 million barrels and an $85 per barrel plant-gate realized selling price (based on a U.S. $85 per barrel WTI oil price, a foreign exchange rate of $1.00 U.S./Cdn, and a SCO price equal to Cdn dollar WTI).-- We estimate cash flow from operations of $1,097 million, or $2.26 per Share.-- Capital expenditures are estimated to total $1,298 million, comprised of $839 million of spending on major projects, $360 million in regular maintenance of the business and other projects, and $99 million in capitalized interest.-- COS intends to maintain a quarterly dividend of $0.35 per Share in 2013, based on the assumptions provided in our Outlook for 2013.
More information on the outlook is provided in our MD&A and the April 30, 2013 guidance document, which is available on our web site at www.cdnoilsands.com under "Investor Centre".
The 2013 Outlook contains forward-looking information and users are cautioned that the actual amounts may vary from the estimates disclosed. Please refer to the "Forward-Looking Information Advisory" in the MD&A section of this report for the risks and assumptions underlying this forward-looking information.
Annual and Special Meeting
COS will hold its Annual and Special Meeting of Shareholders today, April 30, 2013 at 2:30 p.m. (MDT) in the Ballroom of the Metropolitan Conference Centre, located at 333 Fourth Avenue SW, Calgary, Alberta.
A live audio webcast of the meeting can be accessed on COS' website at www.cdnoilsands.com. An archive of the webcast will be available approximately one hour after the meeting.
Management's Discussion and Analysis
The following Management's Discussion and Analysis ("MD&A") was prepared as of April 30, 2013 and should be read in conjunction with the unaudited consolidated financial statements and notes thereto of Canadian Oil Sands Limited (the "Corporation") for the three months ended March 31, 2013 and March 31, 2012, the audited consolidated financial statements and MD&A of the Corporation for the year ended December 31, 2012 and the Corporation's Annual Information Form ("AIF") dated February 21, 2013. Additional information on the Corporation, including its AIF, is available on SEDAR at www.sedar.com or on the Corporation's website at www.cdnoilsands.com. References to "Canadian Oil Sands", COS" or "we" include the Corporation, its subsidiaries and partnerships. The financial results of Canadian Oil Sands have been prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP") and are reported in Canadian dollars, unless stated otherwise.
