- Suncor Energy (TSX:SU) achieved upstream production of 808,000 barrels per day (bbls/d) in Q4 2023, representing the second-highest quarter in the company’s more than 100-year history
- Average upstream production for 2023 ends at 746,000 bbls/d, meeting guidance set in 2022
- Suncor Energy is a leading Canadian integrated energy company
- Suncor Energy stock (TSX:SU) has added approximately 5 per cent year-over-year, but only about 10 per cent since 2019
Suncor Energy (TSX:SU) achieved upstream production of 808,000 bbls/d in Q4 2023, representing the second-highest quarter in the company’s more than 100-year history.
The company’s 2023 average upstream production ends at 746,000 bbls/d, within corporate guidance provided in November 2022.
Additional notable 2023 production highlights
- Net synthetic crude oil production of 476,000 bbls/d
- Net non-upgraded bitumen production of 282,000 bbls/d
- Total oil sands production of 758,000 bbls/d in Q4
- Total production from exploration & production of 50,000 bbls/d in Q4, including production from the ongoing ramp up of Terra Nova
- Oil sands production of 453,000 bbls/d in Q4 and 431,000 bbls/d through 2023. The Base Plant upgrader achieved a full year utilization of 90 per cent, including the major five-year turnaround at Upgrader 2
- Firebag in-situ produced 213,000 bbls/d in Q4 and achieved record annual production of 217,000 bbls/d in 2023
- Fort Hills produced a record 186,000 bbls/d in Q4 on a gross basis, or 155,000 bbls/d net to Suncor’s ownership. Gross annual production averaged 147,000 bbls/d, in line with Suncor’s three-year plan presented during its last investor day
- Syncrude gross production of 348,000 bbls/d in Q4, or 205,000 bbls/d net to Suncor, yielding an annual production record of 323,000 bbls/d gross, or 190,000 bbls/d net to Suncor’s ownership, and an annual upgrader utilization of 92 per cent
- Downstream operations averaged refining utilization of 97 per cent, contributing to annual average refining utilization of 90 per cent
Suncor’s full Q4 financial results are scheduled to be released Feb. 21.
Management commentary
“I am very proud of the Suncor team for ensuring we delivered on our commitments,” Rich Kruger, Suncor’s president and chief executive officer, said in a statement. “Not only did we meet the annual production guidance set a year ago, but December was also Suncor’s best month ever with upstream production averaging over 900,000 bbls/d. This is a tangible example that when we set a commitment, we will be laser-focused on meeting it.”
“In 2023, our heightened focus on the fundamentals of safety, operational excellence and reliability resulted in increasingly strong operational performance throughout the year. This focus and the discipline it requires is exactly what investors can expect from the Suncor team in 2024 and beyond,” he added.
*All figures are approximate.
Suncor Energy is a leading Canadian integrated energy company, including oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the Petro-Canada retail and wholesale distribution networks.
Suncor Energy stock (TSX:SU) is up by 4.81 per cent trading at C$44.86 per share. The Canadian oil stock has added approximately 5 per cent year-over-year, but only about 10 per cent since 2019.
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