The Globe and Mail reports in its Thursday, Aug. 8, edition that oil and gas production at Suncor Energy is currently exceeding its forecast for the year, but the company stated on Wednesday that it will not make adjustments to its full-year guidance. A Canadian Press dispatch to The Globe reports that chief executive officer Rich Kruger said the company is delivering tangible improvements and tracking above its own guidance on several metrics at this point in the year.
Suncor, however, is sticking to its previously announced full-year production forecast of 770,000 to 810,000 barrels a day on average for the year.
Mr. Kruger said production at Fort Hills will likely go down in the second half of 2024 as Suncor focuses on opening up a new north pit at the mine. He said, "We know we've got a second half to go and we're going to play it out to the final whistle." Suncor beat Wall Street's expectations with its second quarter earnings report, delivering total oil sands production of 834,400 barrels a day on average, compared with 814,300 barrels a day in the same quarter of 2023. Suncor achieved record bitumen production at both its Fort Hills site and Firebag oil sands sites.
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