Suncor Energy operations update
Suncor provided an operations update for the fourth quarter of 2018, highlighting total upstream production of 831,000 barrels of oil equivalent per day (boe/d), a quarterly production record and an increase of 12 per cent from the third quarter of 2018.
Oil sands operations produced approximately 433,000 barrels per day (bbls/d) in the quarter. Fort Hills produced 183,000 bbls/d for the quarter, approximately 100,000 bbls/d net to Suncor, representing 94 per cent of nameplate capacity. Syncrude production was 355,000 bbls/d for the quarter, 209,000 bbls/d net to Suncor, representing 101 per cent of nameplate capacity, and reflecting a new quarterly production record. Total production from Exploration and Production was 90,000 boe/d during the fourth quarter.
“Fort Hills successfully completed its production ramp up ahead of schedule with production exceeding our guidance of 90 per cent utilization for the quarter,” said Steve Williams, CEO. “During the quarter we had strong operational performance across our mining and in situ assets with Syncrude producing at record volumes and solid performance from Oil Sands operations, reflecting our focus on safety and operational excellence. Our integrated strategy and continued focus on value-added businesses has positioned us to perform well through volatile market conditions.”
Refining and marketing operations demonstrated solid reliability with average refinery utilization of 101 per cent for record quarterly crude throughput of 468,000 bbls/d. Refined product demand remained strong during the quarter.