Forward Maintenance Commentarypublic data only

October 2026 to September 2027 · published 2026-09-22

Calendar compiled: 2026-09-22Window: 2026-10-01 to 2027-09-30ST53 history: through Jul 2026

The call

Month by month

Headline net offline sums confirmed items only. Bloomberg-schedule items with desk-only provenance are listed in the working file, not summed here.

October detail: Horizon 35-day turnaround began 2026-09-08; guided total loss 10,585 kb (29 kb/d annualized). September settled bridge accounts for 6,900 kb; October residual = (10,585 - 6,900) / 31 = 119 kb/d (approved editorial ruling). Syncrude Coker 8-2: ~50 days from 2026-08-20 (deferred from Q2); October 9 days at the implied event rate = -49 kb/d, proration shown in full in the working file.

Call color setting the tone: Cenovus EVP and COO Andrew Dahlin on the Q2 2026 call: a pretty light turnaround cycle in the upstream over the next few years, one or two lighter turnarounds each year, 5+ year cycle times. Imperial on Kearl: next planned turnaround not until 2029 (K2 train), on 4-year intervals.

Net offline, confirmed guidance only (kb/d)
MonthNet offline kb/dKey items
2026-10-188Horizon residual -119 (Oct 1-12), Syncrude Coker 8-2 -49 (to Oct 9), Base Plant -20
2026-11-20Base Plant bitumen -15, SCO/diesel -5 (Q4 window)
2026-12-20Base Plant bitumen -15, SCO/diesel -5 (Q4 window)
2027-010No confirmed turnarounds
2027-020No confirmed turnarounds
2027-030No confirmed turnarounds
2027-040No confirmed turnarounds; Primrose Apr ASSUMED (no volume)
2027-050No confirmed turnarounds; Firebag / MEG Christina Lake / Leismer May ASSUMED (no volume)
2027-060No confirmed turnarounds
2027-070No confirmed turnarounds
2027-080No confirmed turnarounds
2027-090No confirmed turnarounds; MacKay River Sep ASSUMED (no volume)

Confirmed = company stated both number and timing. ASSUMED pattern indicators carry no volumes and never enter the math. Zero is a confirmed value for that month, not a claim nothing can break.

Source: Forward maintenance calendar, compiled 2026-09-22, annotations/maintenance_forward.yaml

What is assumed, and what is missing

ASSUMED (pattern-indicated, no volumes): Primrose April (6/16 years), Firebag May (5/16), MEG Christina Lake May (6/15), Leismer May (4/9), MacKay River September (6/7, strongest signal). Dips may include unplanned outages; the pattern marks likely timing, not a scheduled event.

Positive no-maintenance statements in window: Horizon (next 2028), Kearl (next 2029 K2), Firebag (~2031), Leismer (~2030), Christina Lake F/G (2031). The 2030/2031 dates are arithmetic from stated cycles, not quoted dates.

No forward statement found (research in progress): Jackfish, Kirby, Surmont, Fort Hills, Syncrude 2027, Base Plant 2027, Hangingstone assets, Orion, Lindbergh, Tucker, BlackGold, Long Lake upgrader, Cold Lake 2027, Peace River, PetroChina MacKay.

What flips this

  • Unplanned upgrader outage (Suncor/Syncrude trip)
    Flips it: The historical shock: offline barrels arrive with no guidance lead time and the monthly commentary reprices immediately.
  • Suncor publishes its 2027 maintenance table with heavy spring work
    Flips it: The empty Jan-Sep 2027 column fills in; the light-calendar read reverses.
  • A pattern window confirms with a company-stated volume
    Flips it: MacKay River September is the one to watch; confirmation moves it from ASSUMED into the math.

Methodology and sources

Source types: guidance (company stated), transcript (call quotes), seasonal_pattern (repo-computed from AER ST53), bloomberg_recon (Bloomberg First Word 2026 schedule via desk photo, not public).

A record enters the headline only when the company stated both the number and the timing (validation public-confirmed) or guidance with an approved editorial ruling (Horizon October residual).

Seasonal method: for each scheme, monthly bitumen vs trailing 3-month mean; a month flags when production dips more than 15% below that mean. A calendar month is pattern-indicated when it flagged in >=4 years and >=30% of observed years (ramp-up excluded).

Full lineage per record (company, document, date, URL, quote) lives in annotations/maintenance_forward.yaml.

Sources
PublisherDatasetURLPublishedVintage / coverageRetrieved
Canadian Natural Resources Limited2026 Budget press release (Horizon turnaround timing; next turnaround 2028)https://boereport.com/2025/12/16/canadian-natural-resources-limited-announces-2026-budget/2025-12-162026 plan; window Oct 2026-Sep 20272026-09-22
Cenovus Energy Inc.Q2 2026 results (planned-maintenance table; Q2 2026 earnings call transcript)https://www.globenewswire.com/news-release/2026/07/29/3335023/0/en/cenovus-announces-second-quarter-2026-results.html2026-07-29Q2 2026; forward window Oct 2026-Sep 20272026-09-22
Suncor Energy Inc.2026 planned maintenance table (Q4 2025 / Q1 2026 investor presentations); Q2 2026 earnings call transcripthttps://api-gw-dev.stocktwits.com/earnings-api/v1/documents/b7e9767d-053f-4926-a9c7-651f1f4d5d03/slides.pdf2026-04-01 (table); 2026-08-05 (call)2026 plan; window Oct 2026-Sep 20272026-09-22
Imperial Oil Limited2026 corporate guidance via Oil Sands Magazine; Q2 2026 earnings call transcripthttps://www.oilsandsmagazine.com/market-insights/2026/1/15/2026-production-forecast-oil-sands-mining-amp-upgrading2026-01-15 (guidance); 2026-07-31 (call)2026 plan; window Oct 2026-Sep 20272026-09-22
Athabasca Oil CorporationQ1 2026 results (four-year turnaround frequency)https://www.globenewswire.com/news-release/2026/05/06/3289532/0/en/Athabasca-Oil-Reports-Strong-2026-First-Quarter-Results-and-Increased-Cash-Flow-Outlook.html2026-05-06Q1 2026; forward window Oct 2026-Sep 20272026-09-22
Heavy Reading (repo-computed)ST53 seasonal dip analysis (pattern-indicated maintenance windows)no URL on record2026-09-22AER ST53 through Jul 2026; window Oct 2026-Sep 20272026-09-22

Every number in this report traces to a row above. Any chart or table missing its own source line is flagged in place; nothing ships with an unsourced number.

Physical supply/demand balance. Not a differential forecast and not validated as one. Licensed inputs stay in the private workspace and are never committed. Built 2026-09-22.