Suncor Energy Inc. (SU) Forecasts Higher Production in 2024, Driven by Fort Hills Asset

Suncor Energy Inc. (SU) Forecasts Higher Production in 2024, Driven by Fort Hills Asset$SU.TOnnSuncor Energy Inc. (SU), a Canadian energy company, has announced its forecast for higher production in 2024, with a focus on growth projects and strong performance from its Fort Hills asset. This forecast provides a detailed outlook for investors and industry enthusiasts.nnIn 2024, Suncor anticipates production to be in the range of 770,000-810,000 barrels per day (bpd), reflecting a 7% increase from the company’s 2023 production guidance. This growth is primarily attributed to the robust performance expected from its Fort Hills asset.nn Facing operational challenges since its initiation in early 2018, Fort Hills remains a vital open-pit mine for Suncor’s operations. The company is committed to overcoming these hurdles through a methodically planned three-year improvement program.nnSuncor’s capital expenditure for 2024 is expected to be in the range of C$6.3-C$6.5 billion, surpassing the current-year forecast of C$5.4 billion-C$5.8 billion. This significant investment highlights the company’s dedication to enhancing its infrastructure and positioning itself for long-term success.nnLast year, Suncor predicted a 5% reduction in gross production and higher operating costs per barrel at Fort Hills as part of its long-term improvement plan for the project. The company confirms that the three-year improvement plan is on target, with promising opportunities to further increase production and reduce operating costs.nnIn a Suncor Energy Inc. (SU) is forecasting higher production in 2024, driven by its Fort Hills asset. The company’s increased capital expenditures and commitment to its improvement plan demonstrate its dedication to long-term success.”2023-12-08T18:12:58.403Z


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