Canadian Oil Sands Limited (TSX:COS) has provided update on its operations and financial results for the three and six-month periods ended June 30, 2012.
As quoted in the press release:
Cash flow from operations decreased 55 per cent to $245 million ($0.51 per Share) in the second quarter of 2012 from $544 million ($1.12 per Share) in the second quarter of 2011.
Canadian Oil Sands President and Chief Executive Officer, Mr. Coutu said:
Our strategy has always been to manage a strong balance sheet to support our unhedged crude oil position and even more so during high capex periods such as now.