Suncor Energy announced on Monday that it had a record-breaking fourth quarter of 2018 with total upstream production of 831,000 barrels of oil equivalent per day (boe/d), up 12 per cent from the third quarter.
The company said the record production “reflects the results of the significant investment developing Fort Hills, and Suncor’s ongoing operational excellence focus across its assets, particularly at the Syncrude joint venture.”
“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,” said the company in a news release.
“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, chief executive officer, in a statement. “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.”
The company said its fourth quarter results will be released on Feb. 5.