Canadian Oil Sands appoints new CEO, sets $1.1-billion 2014 capital budget

December 09, 2013 - 2:32 PM

CALGARY - Canadian Oil Sands Ltd. (TSX:COS) has picked a replacement for outgoing CEO Marcel Coutu.

Ryan Kubik, a 20-year industry veteran who has been the company's chief financial officer since 2007, will become the new top executive when Coutu retires in the new year.

Canadian Oil Sands has a 37 per cent stake in the massive Syncrude oilsands mining operation north of Fort McMurray, Alta.

The company says expects its share of 2014 capital spending at Syncrude will be $1.1 billion, most of which will be on projects that have already been announced.

It also says it expects Syncrude to produce between 95 million and 110 million barrels next year.

In October, Canadian Oil Sands said it expected 2013 production to come in at between 97 million and 100 million barrels

News from © The Canadian Press, 2013

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