Suncor Shaves C$1 Billion From 2017 Capital Budget, Boosts Production
Suncor Energy is targeting a capital spending program of between C$4.8 billion and C$5.2 billion and average production of 680,000 boed to 720,000 boed next year, according to the company’s corporate guidance for 2017.
The midpoints of these ranges represent a year-over-year production increase of more than 13% and a reduction to capital spending of approximately C$1 billion ($745 million)—even with a full year of increased Syncrude ownership.
“Through our 2017 capital spending program, we’ve earmarked the capital required to bring two major growth projects, Fort Hills and Hebron, to completion while at the same time investing in our existing assets to ensure continued safe, reliable and efficient operations,” said Steve Williams, president and CEO.
Approximately 40% of the 2017 capital spending program is allocated towards upstream growth projects, including Fort Hills and Hebron, which are both expected to achieve first oil by the end of 2017. The remaining 60% is directed to sustaining capital in the upstream, downstream and corporate segments.
Source: World Oil
