Suncor Energy forecasts higher production in 2025, trims capex
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Suncor Energy (NYSE:SU) Thursday forecast higher production for 2025 compared with 2024, while cutting its capital spending budget for the year.
- The company expects to grow annual upstream production to 810,000 to 840,000 bbls/d and sees annual refining utilization of 93% to 97%.
- In terms of capex, Suncor (SU) plans to spend in the range of C$6.1 to C$6.3 billion, with 45% allocated to economic investments. This compares to C$6.3 billion to C$6.5 billion budgeted for 2024.
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Suncor’s lower cash operating costs per barrel continue to reflect progress on its initiatives to reduce its corporate WTI breakeven by $10 per bbl versus 2023, the company said.
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Downstream utilization also reflects the impact of planned turnarounds at the Edmonton and Sarnia refineries totaling 58 and 40 days, respectively, Suncor added.
- “We are 100% focused on growing free funds flow per share through increased volumes, margins, cost reductions, and a disciplined capital investment program,” CEO Rich Kruger said.
- SU -0.36% premarket to $38.01.
- Source: Press Release