Suncor expects production to rise five per cent next year, trims capex plan

Source: Suncor Energy Inc.

Suncor Energy Inc. says it expects its production next year to rise about five per cent compared with 2021.

The Calgary-based company says it expects production next year to be 750,000 to 790,000 barrels of oil equivalent per day.

Suncor says the production guidance comes as it ramps up production at the Fort Hills mine, partially offset by the sale of its stake in the Golden Eagle offshore operations in the United Kingdom.

Refinery throughput is expected to be 430,000 to 445,000 barrels per day in 2022.

The production guidance came as Suncor says it is planning $4.7 billion in capital spending for next year, down from its guidance earlier this year for up to $5 billion in 2022.

The plan includes $3.2 billion to $3.4 billion in sustaining capital, including planned maintenance and tailings optimizations.

© 2021 The Canadian Press

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