Syncrude Releases Sustainability Report

 
FORT McMURRAY, Alberta – Syncrude Canada today released its first ever Sustainability Report. The report is a comprehensive discussion about the economic, social, and environmental impacts of Syncrude’s business activities.

“In keeping with the increased expectation of our stakeholders for more thorough disclosure, we have today issued this benchmark report upon which our future sustainability performance will be measured,” said company Chairman and CEO Eric Newell.

“Syncrude’s business is to produce our high quality crude oil reliably and economically while generating many benefits for our stakeholders and respecting our employees, our neighbours and our environment,” Newell added.

The report states that in 2002 Syncrude recorded total pro forma revenue of $3.4 billion on shipments of 83.8 million barrels of Syncrude Sweet Blend. Pro forma return on capital employed was 25.6 per cent, the fourth year in a row it was over 20 per cent. Netback per barrel was $20.15 after depreciation, depletion and amortization. Syncrude also noted record capital investment of $1.9 billion.

Royalties, payroll and municipal taxes paid by the Syncrude Joint Venture in 2002 were $206 million, bringing to $5.9 billion the total amount of royalties and taxes directly generated by Syncrude since start-up in 1978. As well, Syncrude returned $2.3 billion to the national economy through its spending on goods and services during the year. Of this, $499 million went to suppliers in the Wood Buffalo region, including $82 million to Aboriginal firms.

The report also discusses Syncrude’s community investment and consultation activities, as well as its environment, health and safety performance in 2002. During the year, the company supported 340 community projects and held 175 consultations with community stakeholders. Safety performance improved once again, with lost-time injuries reaching a new low of 0.10 per 100 person years worked. Energy intensity was also lower than the previous year at 1.3 million BTUs per barrel. Emissions of sulphur dioxide were 0.96 tonnes per thousand barrels as compared to 1.05 tonnes per thousand barrels in 2001.

The report can be viewed at Syncrude’s website (www.syncrude.com). Copies may be requested by calling 1-800-667-9494.

Joint Venture Ownership
The Syncrude Project is a joint venture operated by Syncrude Canada Ltd. and owned by, AEC Oil Sands Limited Partnership, Canadian Oil Sands Investments Inc., Conoco Oil Sands Partnership, Imperial Oil Resources, Mocal Energy Ltd., Murphy Oil Company Ltd. Nexen Inc. and Petro-Canada.

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