- Major planned turnarounds
at Oil Sands and Downstream complete
- Growth projects exceeding
expectations
All financial figures are in Canadian dollars.
Suncor today announced that with the completion of major planned
turnaround activities and strong production from growth projects,
Q2 production to date averaged approximately 636,000 barrels per
day (bbls/d) reflecting the significant planned turnarounds in the
quarter, and exited May at approximately 800,000 bbls/d.
Planned turnaround work experienced some delays and additional
work, but is now complete at Syncrude, Suncor’s Oil Sands base
plant and its four refineries. In June these assets are expected to
run at full rates. The Hebron and Fort Hills growth projects
are delivering production that is exceeding expectations.
“The Fort Hills mega-project has surpassed expectations; it came
online safely, ramped up well ahead of schedule and it’s producing
a high-quality, fungible bitumen that is expected to continue to
receive a premium price to in situ bitumen. We are especially
appreciative of the dedication and careful planning and execution
that our team and partners have demonstrated in achieving this
remarkable result," said Steve Williams, president and chief
executive officer. "Fort Hills’ bitumen has the same GHG emissions
intensity per barrel as the average crude refined in the U.S. Our
investors and stakeholders can be proud of advances being made in
decreasing the carbon intensity of our production."
Following the May 11, 2018 commissioning of Fort Hills’ third
and final train of secondary extraction, Suncor tested the plant at
full capacity, proving the design capacity of 194,000 bbls/d. In
addition, the company has completed a seven-day reliability test of
the plant running in excess of 90% capacity (175,000 bbls/d) with
no significant issues.
With the advanced commissioning of the final train of secondary
extraction, the plant has ramped up earlier than anticipated. As a
result, while the company will be accelerating the growth of
planned mine capacity to align with the plant capacity, Fort Hills
is expected to continue to track at the high end of guidance for
the quarter. Looking forward to Q4, Suncor is now targeting 90%
average production at Fort Hills, up from the original guidance
which had a Q4 midpoint of approximately 80%.
When the joint venture partners announced that they would
proceed with the Fort Hills project in 2013, the total project cost
was estimated at a capital intensity of approximately $84,000 per
flowing barrel, the project was scheduled to produce first oil as
early as the fourth quarter of 2017 and was expected to achieve 90%
of its planned production capacity within 12 months. Save for a few
weeks delay of first oil, for Suncor the project’s overall
fundamentals and ramp up have been delivered faster or better than
forecasted.
The successful completion of the Fort Hills project is the
direct result of a well-developed and executed strategy to level
load construction, accelerated commissioning plans using synergies
between base plant and Fort Hills, the progressive turnover of
assets from construction to operations, and the staged ramp up of
production over time. The project was built during a period of low
oil prices and has come online just as oil prices have
strengthened. Suncor expects Fort Hills will continue to provide
significant returns for decades.
With production from both Fort Hills and Hebron ramping up
earlier than anticipated and the completion of major planned
maintenance at Suncor’s oil sands and downstream operations, Suncor
is well-positioned for strong production performance for the
remainder of the year.
Legal Advisory – Forward-Looking
Information
This news release contains certain forward-looking information
and forward-looking statements (collectively referred to herein as
“forward-looking statements”) within the meaning of applicable
Canadian and U.S. securities laws. Forward-looking statements in
this news release include references to: the expectation that
Syncrude, Suncor’s Oil Sands base plant and its four refineries
will run at full rates in June; the expectation that bitumen from
Fort Hills will continue to receive a premium price to in situ
bitumen; the expectation that while the company will be
accelerating the growth of planned mine capacity to align with the
plant capacity, Fort Hills will continue to track at the high end
of guidance for the quarter; that looking forward to Q4, Suncor is
now targeting 90% average production at Fort Hills; the expectation
that Fort Hills will continue to provide significant returns for
decades; and the expectation that Suncor is well-positioned for
strong production performance for the remainder of the year.
Forward-looking statements may be identified by words like “will”,
“expected”, “guidance”, “targeting” and similar expressions.
Forward-looking statements are based on Suncor’s current
expectations, estimates, projections and assumptions that were made
by the company in light of its information available at the time
the statement was made and consider Suncor’s experience and its
perception of historical trends, including expectations and
assumptions concerning: the accuracy of reserves and resources
estimates; commodity prices and interest and foreign exchange
rates; the performance of assets and equipment; capital
efficiencies and cost savings; applicable laws and government
policies; future production rates; the sufficiency of budgeted
capital expenditures in carrying out planned activities; the
availability and cost of labour, services and infrastructure; the
satisfaction by third parties of their obligations to Suncor; the
execution of projects; and the receipt, in a timely manner, of
regulatory and third-party approvals.
Forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties, some
that are similar to other oil and gas companies and some that are
unique to Suncor. Suncor’s actual results may differ materially
from those expressed or implied by its forward-looking statements,
so readers are cautioned not to place undue reliance on them.
Suncor's Management's Discussion and Analysis dated May 1, 2018,
its Annual Information Form, Form 40-F and Annual Report to
Shareholders, each dated March 1, 2018, and other documents it
files from time to time with securities regulatory authorities
describe the risks, uncertainties, material assumptions and other
factors that could influence actual results and such factors are
incorporated herein by reference. Copies of these documents are
available without charge from Suncor at 150 6th Avenue S.W.,
Calgary, Alberta T2P 3E3; by email request to invest@suncor.com; by
calling 1-800-558-9071; or by referring to
suncor.com/FinancialReports or to the company’s profile on SEDAR at
sedar.com or EDGAR at sec.gov. Except as required by applicable
securities laws, Suncor disclaims any intention or obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Fort Hills is operated by Suncor which holds a 54.11% interest
in the project. The Fort Hills joint venture partners are Total
E&P Canada Ltd. (24.58%) and Teck Resources Limited (21.31%).
Fort Hills’ bitumen production is blended for shipment to market at
the East Tank Farm Development, a joint venture between Fort McKay
First Nation, Mikisew Cree First Nation and Suncor.
Suncor Energy is Canada's leading integrated energy company.
Suncor's operations include oil sands development and upgrading,
offshore oil and gas production, petroleum refining, and product
marketing under the Petro-Canada brand. A member of Dow Jones
Sustainability indexes, FTSE4Good and CDP, Suncor is working to
responsibly develop petroleum resources while also growing a
renewable energy portfolio. Suncor is listed on the UN Global
Compact 100 stock index. Suncor's common shares (symbol:SU) are
listed on the Toronto and New York stock exchanges.
For more information about Suncor, visit our web site at
suncor.com, follow us on Twitter @Suncor or together.suncor.com
Media inquiries:403-296-4000media@suncor.com
Investor inquiries:800-558-9071invest@suncor.com
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