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Suncor soars as it recovers from wildfire-related production cuts

Published 10/27/2016, 12:27 PM
Suncor soars as it recovers from wildfire-related production cuts
  • Suncor Energy (SU +6%) is surging after reporting better than expected Q3 earnings on strong upstream production, lower operating costs and record crude throughput at its refineries.
  • SU says its oil sands assets successfully returned to normal production rates following Q2's forest fire shut-in, resulting in total oil sands production of 433.7K bbl/day, while oil sands cash operating costs fell 18% Y/Y to $22.15/bbl, lowest in more than a decade.
  • Syncrude production soared to 183.8K bbl/day from 28.1K in the prior-year quarter, as a result of additional working interests acquired in 2016 and improved upgrader reliability; Syncrude cash costs fell to $27.65/bbl from $41.65 a year ago.
  • Refinery crude throughput improved to a record 465.6K bbl/day in Q3 from 444.8K in the prior-year quarter.
  • Also, SU raises its full-year total production guidance to 610K-625K boe/day, up from its previous estimate of 585K-620K boe/day, and cuts its capital spending budget to C$5.8B-C$6B from previous guidance of C$6B-C$6.5B.

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