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Suncor Energy (NYSE:SU) -3.1% in Wednesday’s trading after saying it expects higher production next year while also guiding for capital spending of C$6.3B-C$6.5B, well above its current-year forecast of C$5.4B-C$5.8B.
Suncor (SU) said it expects upstream production of 770K-810K bbl/day next year, 7% higher than its 2023 production estimate at the midpoint, reflecting continued strong existing asset performance and 100% ownership of Fort Hills, and refining utilization of 92%-96%.
The company said its Fort Hills three-year improvement plan is on target, “with opportunities to further increase value,” and forecast next year’s cash operating costs for Fort Hills at C$33-C$36/bbl.
Suncor’s (SU) 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,” CEO Rich Kruger said.
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