Suncor Energy Achieves Record Quarterly and Full Year Operational Results

Rhea-AI Summary

Suncor Energy (TSX: SU) (NYSE: SU) reported record operational results for Q4 and full-year 2024. The company achieved record quarterly upstream production of 874,000 bbls/d, up 66,000 bbls/d from Q4 2023, and record annual production of 827,000 bbls/d, exceeding guidance by 17,000 bbls/d.

Downstream operations also excelled with record quarterly refining throughput of 487,000 bbls/d and record annual throughput of 465,000 bbls/d, surpassing guidance by 20,000 bbls/d. Notable achievements include record annual upgrader utilization of 98% and refining utilization of 100%. The company reached its $8 billion net debt target nine months ahead of schedule from its May 2024 three-year plan.

Positive

• Record quarterly upstream production of 874,000 bbls/d, up 66,000 bbls/d YoY
• Annual production exceeded guidance by 17,000 bbls/d
• Record annual refining throughput of 465,000 bbls/d, up 10.5% YoY
• Achieved $8 billion net debt target 9 months ahead of schedule
• Record annual refined product sales of 599,000 bbls/d, up 8.3% YoY

Negative

• None.

(All figures are approximate)

Calgary, Alberta--(Newsfile Corp. - January 6, 2025) - Suncor (TSX: SU) (NYSE: SU) today provided an operational performance update for its upstream and downstream businesses for the 4^th quarter and full year of 2024 as summarized below:

Upstream Highlights:

• Record quarterly production of 874,000 bbls/d, up 66,000 bbls/d from 4^th quarter 2023
  • Quarterly upgrader utilization of 103%, with both Syncrude and Base Plant greater than 100%
• Record annual production of 827,000 bbls/d, up 81,000 bbls/d, or 10.9%, from 2023
  • Annual production 17,000 bbls/d above the high-end of guidance
• Record annual upgrader utilization of 98%, 6% higher than previous best
  • Record annual utilization of 99% and 96% at Base Plant and Syncrude, respectively
• Record quarterly and annual production at Firebag of 250,000 bbls/d and 234,000 bbls/d, respectively
• Record annual production at Fort Hills of 168,000 bbls/d, including above plan production of 161,000 bbls/d in the 4^th quarter

Downstream Highlights:

• Record quarterly refining throughput of 487,000 bbls/d, tied with the 3^rd quarter 2024, up 31,000 bbls/d from 4^th quarter 2023
  • Quarterly refining utilization of 104%, with all four refineries greater than 100%
• Record annual refining throughput of 465,000 bbls/d, up 44,000 bbls/d, or 10.5%, from 2023
  • Annual throughput 20,000 bbls/d above the high-end of guidance
• Record annual refining utilization of 100%, 5% higher than previous best
  • Record annual utilization of 105% and 98% at Edmonton and Montreal, respectively
• Record annual refined product sales of 599,000 bbls/d, up 46,000 bbls/d, or 8.3%, from 2023
  • Annual product sales 19,000 bbls/d above the high-end of guidance

	Q4 2024	FY 2024	FY 2024 Guidance
Upgraded - net SCO and diesel (bbls/d)	543,000	516,000
Non-upgraded bitumen (bbls/d)	274,000	258,000
Total Oil Sands production (bbls/d)	817,000	774,000	725,000	-	755,000
Exploration and Production (bbls/d)	57,000	53,000	45,000	-	55,000
Total Upstream Production (bbls/d)	874,000	827,000	770,000	-	810,000
Refinery Throughput (bbls/d)	487,000	465,000	430,000	-	445,000
Refinery Utilization (%)	104	100	92	-	96

 

"Suncor's exceptionally strong operational performance in both the 4^th quarter and full year of 2024, across all of our businesses, was supported by an ongoing focus on the fundamentals, including safety and operational reliability. In addition, it was a reflection of the expertise and dedication of our people and the quality of our overall asset base," said Rich Kruger, President and Chief Executive Officer. "Our strong operational performance also supported strong financial performance, including enabling us to achieve our $8 billion net debt target nine months ahead of the projection outlined in our May 2024 three-year plan. We are committed to maintaining this level of focus and results orientation to continue delivering value for our shareholders in 2025 and beyond."

For more information about Suncor, visit our website at suncor.com

Media inquiries:
(833) 296-4570
media@suncor.com

Investor inquiries:
invest@suncor.com

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company's Petro-Canada™ retail and wholesale distribution networks (including Canada's Electric Highway™, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investment in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236227

FAQ

What was Suncor's (SU) upstream production in Q4 2024?

Suncor achieved record quarterly upstream production of 874,000 bbls/d in Q4 2024, representing an increase of 66,000 bbls/d from Q4 2023.

How did Suncor (SU) perform against its 2024 production guidance?

Suncor exceeded its 2024 production guidance by 17,000 bbls/d, achieving annual production of 827,000 bbls/d versus guidance of 770,000-810,000 bbls/d.

What was Suncor's (SU) refinery utilization rate in 2024?

Suncor achieved a record annual refining utilization rate of 100% in 2024, which was 5% higher than its previous best.

How much earlier did Suncor (SU) reach its $8 billion net debt target?

Suncor reached its $8 billion net debt target nine months ahead of the projection outlined in its May 2024 three-year plan.