Oil sands project data

Total amount of revenue reported for the Royalty Project from all oil sands products (for example: clean crude bitumen, diluted bitumen, other by-products).

Oil sands products frequently must be blended with diluent to be transported. Diluent costs are the total value of the diluent in the blended volumes of oil sands products sold.

This is the total revenue for the Royalty Project, minus the total diluent cost. It's calculated at the point where products leave the project (royalty calculation point). Note that this value cannot be less than zero. This definition of Gross Revenue is for royalty purposes only and is not comparable to gross revenue as defined and used in financial instruments.

This is the total amount of bitumen produced by the Royalty Project passing through the Royalty Calculation Point (generally where products leaving the Royalty Project are measured).

This is the Gross Revenue divided by the Cleaned Crude Bitumen produced by the Royalty Project and passing through the Royalty Calculation Point.

Operating costs are allowed expenses for daily activities and operations of a Royalty Project, such as well operations, steam generation, and mining and extraction.

Capital costs are the allowed expenditures to construct, commission or expand a Royalty Project’s bitumen production capacity, or to maintain production of the project at a certain level through the replacement of facilities or production wells.

An allowed cost to a Royalty Project that represents a minimum return on funds invested. The return allowance is applied to the surplus of total costs minus total revenues for pre-payout projects. It can also be applied to any loss in a given year for post-payout projects. A return allowance that has been calculated for a given period becomes an allowed cost in the following period. It's calculated based on the Bank of Canada’s Long Term Bond Rate.

The amount by which the Royalty Project's revenue exceeds allowed costs, minus other net proceeds. Net revenue can never be below zero.

Calculated as Gross Revenue – Operating Costs – Capital Costs – Return Allowance – Other Costs + Other Net Proceeds.

Royalty rate is shown as either a gross royalty rate between 1-9% of gross revenues, or a net royalty rate between 25-40% of net revenues, depending on if the project is pre- or post-payout and the current WTI price in Canadian dollars. For pre-payout projects, a gross royalty rate is used.

For post-payout projects, either a gross royalty rate or net royalty rate is used, whichever calculation results in the higher amount of royalties payable.

The amount of royalties calculated as payable to the Crown in the given period.

It's calculated as Gross Revenue x Gross Royalty Rate or Net Revenue x Net Royalty Rate.

Other net proceeds are generally any considerations received by the Royalty Project from anything other than the sale of oil sands products.

Any allowed costs not already identified in the previously mentioned cost categories.

The Royalty Type displays whether the royalties are calculated from gross revenues or net revenues.

The payout status will either be pre-payout (when cumulative costs exceed cumulative revenues) or post-payout (once cumulative revenues equal or exceed cumulative costs).

The unrecovered balance is the amount by which cumulative costs exceed cumulative revenues. This applies only to a pre-payout project. Note that the unrecovered balance, in combination with other royalty reporting data, should not be used as a means of forecasting when a project will reach payout. There are many factors that can influence how an unrecovered balance may change over time, including oil prices, production volumes, and changes in operations or project expansions that may add costs to an unrecovered balance.

If a Royalty Project has already achieved payout, there is no longer an unrecovered balance. However there may be a net loss in a given period shown here. This net loss can be carried forward as an allowed cost in a subsequent period.