Suncor Power Inc. says it can enhance oil output subsequent yr by as much as 5 per cent and decrease prices from its oilsands belongings.
The Calgary-based energy big says it plans to develop its complete oil and gas manufacturing to between 810,000 and 840,000 barrels per day in 2025, up from its 2024 estimated vary of 770,000 to 810,000 barrels per day.
The corporate says its capital expenditure price range for 2025 is between $6.1 billion and $6.3 billion, down from its 2024 capital expenditure price range of between $6.3 and $6.5 billion.
Get every day Nationwide information
Get the day’s high information, political, financial, and present affairs headlines, delivered to your inbox as soon as a day.
Suncor’s monetary efficiency has been enhancing underneath the management of CEO Wealthy Kruger, who was employed in 2023 to show the corporate’s fortunes round after a spate of operational challenges and office security incidents.
Suncor can be benefiting from the opening earlier this yr of the Trans Mountain pipeline growth, which has enabled oilsands producers to spice up their output as a result of further export capability the pipeline provides.
Suncor says it’s aiming so as to add greater than 100,000 barrels per day of oil and fuel manufacturing between 2023 and 2026.
© 2024 The Canadian Press
Source link
