Suncor impresses with increased production and refinery performance

Suncor, the Canadian oil and gas company based in Calgary, Alberta, recorded a remarkable increase in its upstream sector production and a higher processing volume in its refineries in the fourth quarter. The quarterly upstream production rose from 808,000 barrels per day in the previous year's quarter to an impressive 874,000 barrels per day. The processing volume in the refineries increased by 31,000 barrels per day to a total of 487,000 barrels per day. This led to a rise in refinery utilization to 104% compared to 98% in the previous year. This robust operational performance has helped the company achieve its financial targets faster than planned. The target of a net debt of 8 billion dollars was reached nine months earlier than forecasted in May 2024, as highlighted by CEO Rich Kruger. Just last month, the company forecasted higher oil and gas production while simultaneously reducing expenditures for the year 2025. This positive outlook results from the increased export capacity since the commissioning of the Trans Mountain Pipeline expansion last year.