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Suncor Energy says Q4 oil production hit quarterly record

Published 01/07/2019, 10:13 AM
© Reuters.  Suncor Energy says Q4 oil production hit quarterly record
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  • Suncor Energy (SU -0.1%) says total upstream production rose ~12% Q/Q to a quarterly record 831K boe/day in Q4, helped by higher output from its Syncrude joint venture.
  • SU says oil sands operations produced 433K bbl/day in the quarter; Fort Hills produced 183K bbl/day, with 100K bbl/day net to the company, and Syncrude production totaled 355K bbl/day, with 209K bbl/day net to the company.
  • The company says Fort Hills, its newest oil sands project, completed its production ramp-up ahead of schedule and exceeded its forecast of 90% utilization for the quarter.
  • SU also maintains its FY 2019 production guidance issued last month that forecast 10% growth even after production cuts imposed by Alberta's provincial government.
  • Now read: Suncor: Growth Despite Problems In Canada


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