Suncor Hikes Up Fourth Quarter Production

(Credit: Sunco Energy)

Canadian oil and gas company Suncor said on Monday it saw higher upstream production and throughput at its refineries in the fourth quarter.

The Calgary, Alberta-based company's upstream quarterly production rose to 874,000 barrels per day (bpd) from 808,000 bpd during the same quarter last year.

Suncor said its refinery throughput rose by 31,000 bpd to 487,000 bpd during the quarter, meanwhile its refinery utilization jumped to 104% from 98% last year.

"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," CEO Rich Kruger said.

Last month, the Canadian producer forecast higher oil and gas production as well as lower spending in 2025, hoping to benefit from the increase in export capacity since the commencement of the Trans Mountain Pipeline expansion last year.

(Reuters - by Vallari Srivastava in Bengaluru; Editing by Alan Barona)