Suncor Posts Record Production

Suncor Energy Inc., a Canadian integrated energy company, reported upstream production of 808,000 barrels per day (bpd) on average in the fourth quarter of 2023, the second highest quarter in its history. During the fourth quarter, the company also posted its best month ever in terms of upstream production averaging over 900,000 bpd.

In a media release, Suncor said its fourth quarter performance resulted in annual upstream production of 746,000 bpd on average, in line with Suncor’s corporate guidance provided in November 2022.

“This is a tangible example that when we set a commitment, we will be laser focused on meeting it,” said Rich Kruger, President and Chief Executive Officer.

Suncor’s net synthetic crude oil production was 476,000 bpd, while its net non-upgraded bitumen production was 282,000 bpd, resulting in total oil sands production of 758,000 bpd for the quarter. Total production from exploration and production was 50,000 bpd during the fourth quarter, including production from the ongoing ramp-up of Terra Nova, Suncor said.

The company said that its oil sands operations produced 453,000 bpd for the quarter and 431,000 bpd for the full year of 2023. The base plant upgrader achieved a full year utilization of 90 percent, including the impact of the major five-year turnaround at Upgrader 2.

Additionally, Firebag in situ produced 213,000 bpd for the quarter and achieved a record annual production of 217,000 bpd in 2023, while Fort Hills produced a record 186,000 bpd for the quarter on a gross basis (155,000 bpd net to Suncor’s stake). Gross annual production for Fort Hills averaged 147,000 bpd, in line with the three-year plan presented on the company’s November 2022 Investor Day.

Suncor added that Syncrude gross production was 348,000 bpd for the quarter (205,000 bpd net to Suncor), resulting in a new annual production record of 323,000 bpd gross (190,000 bpd net to Suncor’s ownership) and an annual upgrader utilization of 92 percent.

Downstream operations also demonstrated strong performance in the fourth quarter with an average refining utilization of 97 percent, contributing to an annual average refining utilization of 90 percent, Suncor said.

“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”, said Kruger.

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