Canadian Oil Sands Should Dig Out Gains on Q1 Profit Increase, Higher Dividend
Canadian Oil Sands Ltd. (COS.TO), which has a 36.74% interest in Syncrude, reported first quarter profit of $324 million, an 84% leap over the same period in 2010, according to the Globe and Mail.
It said the company's $478 million in cash flow more than doubled last year's figures, and the high price of oil has caused it to raise 2011 revenue forecasts by more than 20%.
Canadian Oil Sands boosted its dividend to 30 cents per share, a 50% increase over its last quarterly payout, on the strength of the results, it added.
As part of its earnings, Syncrude also reportedly updated its 2011 pricing projections to account for the dramatic rise in crude. It now assumes it will receive $96 per barrel, and estimates 2011 sales at $3.89 billion. That's up substantially from the $3.19 billion it had previously forecast, based on $79 oil, the paper said.
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