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Syncrude
Get Paid Immediately on Syncrude Invoices

Factoring for Syncrude Invoices

Oilfield Factoring for Fast Payment on Syncrude Invoices

As an oilfield services provider in a market that has fluctuated these last few years, your business is looking for a simple way to maintain stability in day-to-day operations. But with payment often extending out past 60 days, sometimes close to 90, this can be tough.

At TCI Business Capital, our oilfield factoring services eliminate the gap from when you invoice and when you get paid. When you have immediate cash flow, you are able to stay on top of bills, pay your subcontractors, rent equipment and much more. At TCI Business Capital, our over 20 years of experience in the industry make us your top choice among factoring companies for Syncrude invoices.

factoring for syncrude

Syncrude

Syncrude Canada Ltd. is a primary operator and one of the largest producers of synthetic crude oil from oil sands in Fort McMurray, Alberta. Since 1964, Syncrude has had a long history of innovation in producing crude oil to support the petroleum needs of Canadians. The company owns a large research and development facility in Edmonton that yields revolutionary technologies that are used in the oil sands industry. In addition, Syncrude is in a research partnership with 19 universities across Canada and the United States. The expanding suite of techniques that help improve environmental and economic performance is an example of the company’s goal to continually innovate.

History

Incorporated in 1964, Syncrude Canada Ltd. was formed as a research consortium. It began its operation in 1978 after five years of construction started in 1973, and has since then made payments in excess of $14.6 billion to government entities. Within a year of its operation, the plant had produced five million barrels of oil. Syncrude continued to innovate, and in 1996, the company began expanding its operations.

Through its innovations and improvement of vehicular transport, Syncrude was able to reach its first one billionth barrel in 1998, five years ahead of schedule.

In 2014, the first Caterpillar 797 tire exceeded 10,000 service hours at Aurora; this became Syncrude’s first breakthrough. In the same year, the company continued to be a major economic driver for Alberta and Canada, procuring approximately eight billion dollars in goods and services.

Another milestone was reached in April 2015 when Syncrude set a new record for 797 tire life, with 11,158 service hours.

Summary of Business Process

factoring for syncrude

Companies that use factoring for Syncrude invoices perform oilfield services in the Athabasca oil sands.

Syncrude produces crude oil from oil sands. In doing so, the mine oil sand is identified and prepared for the extraction of raw oil, also known as bitumen. Water-based processes are used to extract the bitumen from the sand. Through hydroprocessing, fluid coking, hydrotreating and reblending, the bitumen’s quality is upgraded, thus turning it into a light sweet crude oil.

Once the process is completed, the final product is transported through a pipeline. It is transported to refineries in the Edmonton area before it is shipped throughout Canada and the United States to refineries for trading.

Current Key Officials

President and Chief Executive Officer Mark Ward has been at the help of Syncrude since 2014. The following are additional officers of the company:

  • Pablo Borgnino, Chief Operating Officer
  • Kara Flynn, Vice President for Government & Public Affairs
  • Greg Fuhr, Vice President for Production, Mining and Extraction
  • Ray Hansen, Vice President for Law & Land and Corporate Secretary
  • Jerry McPherson, Vice President for Maintenance and Projects
  • Peter Read, Vice President for Strategic Planning
  • Christina Matte, Vice President for Technical and Engineering Services
  • Steve Yatauro, Vice President for Production and Upgrading
  • Bill Chase, Vice President for Technical and Operations Support
  • Colleen Kearney, Vice President for Human Resources
  • Glen Finnson, Vice President for Safety, Security, Health and Environment

Areas of Operation

The company’s headquarters is in Fort McMurray, which is about 440 kilometers northeast of Edmonton, Alberta. Syncrude’s two centers of operations are located at the Mildred Lake plant. Syncrude’s operations are found in Alberta’s largest deposit in the Athabasca oil sand deposit.

General Information

The company produces 350,000 barrels of crude oil per day, sufficient to supply the petroleum needs of 6.2 million Canadians. Syncrude’s annual contribution to Canada’s economy is more than six billion dollars through salaries, royalties, taxes and the procurement of various goods and services.

Currently, the company employs approximately 4,800 people on a regular status and an additional 2,400 people in contractual status. Syncrude is also recognized as one of Canada’s largest employers of aboriginal people.

Aside from employing aboriginal people, Syncrude is also recognized for its efforts in creating and maintaining aboriginal relations through procurement of $228 million in goods and services from local aboriginal companies in 2014.

True to its objective of continuous research and development, Syncrude is consistently one of Canada’s top investors in the research and development field, with $107 million spent in 2014. More than 60 percent of this investment is concentrated on environmental research.

Community Contributions

Syncrude is proud to be contributor to local communities. Syncrude has donated more than six million dollars to different community organizations that are dedicated to creating improved communities, such as providing scholarships grants, funding medical research and development, investing in local organizations and donating money for the nourishment of the needy.

In 2014 alone, Syncrude has contributed to the community through the following efforts:

  • Raised $2.48 million to support the United Way in Fort McMurray, Edmonton and Calgary.
  • Donated $75,000 to support the Syncrude Food Drive opening in coordination with the Wood Buffalo Food Bank Association.
  • Funded a $2.5 million grant for educational and arts programming to support native Canadians through Keyano College.
  • Donated $500,000 to the University of Alberta Hospital Foundation to support research and development of a Brain Imaging and Treatment Unit.

Syncrude employees also contributed to their community through the following:

  • Donating $50,000 to the Give with Heart campaign.
  • Donating $25,000 to the Fort McMurray Society for the Prevention of Cruelty to Animals.

As part of the company’s commitment to do better, Syncrude also values the importance of ensuring and creating a safe and habitable ecosystem for biodiversity. Through Syncrude’s oil sands mining operations, they were able to re-vegetate a reclaimed area measuring more than 4,500 hectares. The reclaimed area, known as Gateway Hill, has been planted with more than 7.4 million tree and shrub seedlings. Now, Gateway Hill boasts a healthy forest with diverse trees distributed throughout the area.

Syncrude Canada Ltd.

PO Bag 4009
Fort McMurry, AB T9H 3L1
780-790-7660
www.syncrude.ca

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