Suncor oil sands coker. Suncor

 

Suncor, alone, is now producing more oil than all of Venezuela

By Amanda Stephenson in Calgary

CALGARY — Suncor Energy Inc.’s share price jumped Wednesday as the company reported its fourth quarter oil output was its second-highest quarter ever.

The Calgary-based company announced upstream production in the fourth quarter of 2023 of 808,000 barrels per day. With the strong fourth-quarter output, Suncor said it has met its corporate forecast provided in November 2022 and recorded an annual average upstream production of 746,000 barrels per day.

Suncor’s December production averaged more than 900,000 barrels per day, the company’s best single month performance ever.

The company’s stock price rose on the news, closing 5.93 per cent higher on Wednesday at $45.34.

The strong production numbers come less than a year after former Imperial Oil head Rich Kruger was named Suncor’s new CEO, with a mandate to improve the company’s flagging fortunes. The company had been under pressure from investors for its lagging share price, as well as a string of operational and safety issues.

Kruger said in a news release Wednesday that Suncor’s newly announced production numbers are the result of a heightened focus on “the fundamentals of safety, operational excellence and reliability.”

“This is a tangible example that when we set a commitment, we will be laser focused on meeting it,” he said.

In a memo to clients, Eight Capital analyst Phil Skolnick said Suncor ended the year on a “very strong note.”

“We believe it provides a good degree of confidence in the performance potential of the overall asset base,” he said.

As part of its wider efficiency push, Suncor completed 1,500 job cuts in 2023, a move the company said is expected to save $450 million per year.

Suncor’s fourth-quarter output was the result of 758,000 barrels per day of oilsands production and 50,000 barrels per day from the company’s exploration and production operations, including the ramp-up at the Terra Nova offshore oilfield.

Suncor’s net synthetic crude oil production was 476,000 barrels per day and net non-upgraded bitumen production was 282,000 barrels per day resulting in total oilsands production of 758,000 barrels per day for the quarter.

Suncor said its downstream operations posted average refining utilization of 97 per cent in the fourth quarter.

The company is scheduled to release its fourth-quarter financial and operating results on Feb. 21.

This report by The Canadian Press was first published Jan. 3, 2024.

Companies in this story: (TSX:SU)

The Canadian Press

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0062 TED_EPAC_Technology_30
    0062 TED_EPAC_Technology_30
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0060 Arizona Lithium Lease building
    0060 Arizona Lithium Lease building
  • 0059 Southeast College Heavy Equipment Operator
    0059 Southeast College Heavy Equipment Operator
  • 0058 Royal Helium Steveville opens anonymous rocket
    0058 Royal Helium Steveville opens anonymous rocket
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0015 Latus Viro
    0015 Latus Viro
  • 0052 Predator Inspections
    0052 Predator Inspections
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0046 City of Estevan This is Estevan
    0046 City of Estevan This is Estevan
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 9001
  • 0002

 

Brian Zinchuk on Evan Bray Show: Why oil is important, drilling, power grid and a lot more