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Suncor Energy announces 2024 corporate guidance

Press Release

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.

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