Suncor sees 2024 Upstream production about 7% higher than 2023

Suncor Energy last night released its 2024 corporate guidance, which includes annual upstream production of 770,000 – 810,000 barrels per day, approximately 7% higher than 2023, 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 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.”