North America Equity Research 25 June 2026 J P M O R G A N Oil Sands SAGD Monthly Production Tracker Thoughts on May AER Data Release JPM View: The May AER production data for SAGD projects was released last week. For our coverage universe, total oil sands production was ~1,384kbpd at an average SOR of 3.07 in May'26 (vs. total production of ~1,478kbpd at an average SOR of 3.18 in Apr'26). Several key assets including CVE Foster Creek, COP Surmont, IMO Cold Lake and SU Firebag/Mackay River were down m/m. Re ...