Suncor Energy announces 2024 corporate guidance
FOR IMMEDIATE RELEASE
Suncor Energy announces 2024 corporate guidance
All financial figures are in Canadian dollars, unless noted otherwise
- Upstream production of 770,000 – 810,000 barrels per day, approximately 7% higher than 2023
- Refining capacity utilization strong at an expected 92% to 96%
- Fort Hills three-year improvement plan on target, with opportunities to further increase value
- Capital program to deliver shareholder value, pursuing investments to improve competitiveness
- Focus on continuing to reduce overall cost structure, increasing financial resiliency
Calgary, Alberta (December 5, 2023) – Suncor Energy (TSX: SU) (NYSE: SU) released its 2024 corporate guidance today which includes annual upstream production of 770,000 – 810,000 barrels per day (bbls/d) and refining utilization of 92% to 96%. Suncor’s production increase reflects continued strong existing asset performance, 100% ownership of Fort Hills, changes to the makeup of its Exploration & Production (E&P) portfolio, including the earlier sale of its U.K. North Sea assets, and a full year of production from Terra Nova.
“Suncor’s 2024 guidance reflects our priority to deliver improved shareholder returns through focused cost reductions, increased upstream production and a disciplined capital investment program, all targeted at improving the company’s free funds flow per share,” said Rich Kruger, President and Chief Executive Officer. “We have a winning formula to create value through our unparalleled, integrated upstream and downstream asset base, and an intense focus to deliver value to our shareholders.”
Production Guidance
2024 Full Year Outlook | |||
Total Production (bbls/d) | 770,000 | – | 810,000 |
Oil Sands Operations (bbls/d) (1) | 430,000 | – | 460,000 |
Synthetic Crude Oil (bbls/d) | 315,000 | – | 330,000 |
Bitumen (bbls/d) | 115,000 | – | 130,000 |
Fort Hills (bbls/d) Suncor working interest of 100% | 155,000 | – | 165,000 |
Syncrude (bbls/d) Suncor working interest of 58.74% | 175,000 | – | 190,000 |
Inter-Asset Transfers and Consumption (2) | (35,000) | – | (60,000) |
Exploration and Production (bbls/d) | 45,000 | – | 55,000 |
Refinery Throughput (bbls/d) | 430,000 | – | 445,000 |
Refinery Utilization (3) | 92% – | 96% | |
Refined Product Sales (bbls/d) | 550,000 | – | 580,000 |
- Oil Sands Operations production includes synthetic crude oil, diesel, and bitumen and excludes Fort Hills PFT bitumen and Syncrude synthetic crude oil production.
- Inter-Asset Transfers and Consumption includes sour crude, bitumen and diesel transfers between assets to optimize production as well as diesel that is internally consumed at the producing asset site.
- Refinery utilization is based on the following crude processing capacities: Montreal – 137,000 bbls/d; Sarnia – 85,000 bbls/d; Edmonton – 146,000 bbls/d; and Commerce City – 98,000 bbls/d.
NT4


This article comes from NationTalk:
https://nationtalk.ca
The permalink for this story is:
https://nationtalk.ca/story/suncor-energy-announces-2024-corporate-guidance
Comments are closed.