Suncor achieves record quarterly oil-equivalent production of 831 000 bbl/d
Energy company Suncor reported total upstream production of 831 000 bbl/d of oil equivalent for the fourth quarter of 2018.
This marked a quarterly production record and represented a 12% increase from the third quarter.
The company said the quarter reflected the results of the significant investment in developing Fort Hills and Suncor’s ongoing operational excellence focus across its assets, particularly at the Syncrude joint venture.
Suncor’s oil sands operations produced about 433 000 bbl/d in the quarter. Fort Hills produced 183 000 bbl/d, with about 100 000 bbl/d of it net to Suncor, representing 94% of nameplate capacity.
Fort Hills completed its production ramp-up in the fourth quarter, ahead of schedule, with production exceeding its guidance of 90% use for the quarter.
Syncrude production was 355 000 bbl/d for the quarter, of which 209 000 bbl/d were net to Suncor, representing 101% of nameplate capacity.
Total production from exploration and production was 90 000 bbl/d of oil equivalent during the quarter.
Further, refining and marketing operations demonstrated solid reliability, with average refinery use of 101% for record quarterly crude throughput of 468 000 bbl/d.
Suncor said refined product demand had remained strong during the fourth quarter.
Suncor CEO Steve Williams noted that, in December, the government of Alberta announced an overall production curtailment programme, effectively imposing production caps for 2019.
Suncor continued to work with government and the Alberta Energy Regulator to manage and mitigate the unintended consequences of the curtailment orders on Suncor’s business.
Currently, there is no change in Suncor’s production guidance, which included Suncor’s estimate of the impact of this evolving curtailment programme on its business.
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