By Alejandro Barbajosa, Ian McKinnon, Bloomberg
Solid article detailing the higher costs of oil sands and industry pressures driving project investments. Includes as context many startling figures: "Shell, based in London and The Hague, reported Feb. 3 that reserves fell in 2004 because it found enough oil to replace just 15 percent to 25 percent of what the company pumped. BP replaced 89 percent of production, the company said Feb. 8".
By Ian McKinnon, Bloomberg
Suncor Energy Inc., the second- largest oil-sands miner in the world, said first-quarter net income fell 38 percent after the company paid more royalties to the Alberta government. The company also said it will stop hedging oil-production.