Canadian integrated oil company Suncor on Monday said it achieved a series of fourth quarter and full-year 2024 operational records, while cutting debt well ahead of schedule.
The Calgary-based company said Q4 production rose to a record 874,000 b/d, up 66,000 b/d from the same period of 2023. Suncor said its Firebag complex contributed 250,000 b/d to output and reported record production at Fort Hills where 168,000 b/d of oil moved to market.
It put 2024 production at 827,000 b/d, up by 81,000 b/d, or about 11%, from 2023.
Suncor also reported that it ran an average of 487,000 b/d of crude and other feedstock at its four refineries in Q4, on par with the third quarter and 31,000 b/d more than in the same period of 2023. All four North American refineries operated at greater than 100% capacity, it added.
Suncor said its Q4 refined product sales in 2024 averaged 599,000 b/d or about 19,000 b/d, another all-time high. Sales were up by 46,000 b/d, or about 8%, from 2023.
President and Chief Executive Rich Kruger said in a news release that the operational results allowed the company to achieve its $8 billion net debt target nine months earlier than it had projected in May.
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--Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
January 07, 2025 10:55 ET (15:55 GMT)
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