Suncor Energy reports production hits quarterly record

Secondary extraction units at Suncor's new Fort Hills oilsands mine. Image: Joey Podlubny/JWN

CALGARY — Suncor Energy says its upstream production in the last three months of 2018 hit a quarterly record.

The company says production averaged 831,000 barrels of oil equivalent per day, up 12 per cent from the third quarter.

Oilsands operations produced approximately 433,000 barrels per day in the quarter, while total production from exploration and production was 90,000 boe/d.

This includes 183,000 bbls/d at the new Fort Hills mine, approximately 100,000 bbls/d net to Suncor, representing 94% of nameplate capacity.

Syncrude production was 355,000 bbls/d for the quarter, 209,000 bbls/d net to Suncor, representing 101% of nameplate capacity, and reflecting a new quarterly production record.

Total production from Exploration & Production was 90,000 boe/d during the fourth quarter.

In its outlook, Suncor maintained its December production guidance for 2019 that forecast production growth of 10 per cent even after production cuts imposed by the Alberta government.

The province announced mandatory production curtailments for the industry this year in a bid to reduce a glut of oil and help boost low prices.

Suncor's full fourth-quarter results will be issued Feb. 5.

© 2019 The Canadian Press

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