“Over the past several months, our new mining leadership has done an in-depth review of our assets and developed a multi-year plan that will deliver marked improvements in safety, reliability and operational performance,” said Kris Smith interim president and chief executive officer. “In addition, we will continue to optimize our assets to drive value and future growth in areas that are complementary to our base business.”
Members of the Suncor leadership team will discuss this outlook later today at the Company’s previously scheduled Investor Presentation beginning at 11 a.m. MT / 1 p.m. ET. A webcast of the event will be available at Suncor.com.
|2023 Full Year Outlook
November 29, 2022
|Suncor Total Production (boe/d) (1)||740,000||–||770,000|
|Oil Sands Operations (bbls/d) (2)||385,000||–||425,000|
|Synthetic Crude Oil (bbls/d)||290,000||–||310,000|
|Fort Hills (bbls/d) Suncor working interest of 75.41% (3)||90,000||–||100,000|
|Syncrude (bbls/d) Suncor working interest of 58.74%||175,000||–||190,000|
|Exploration and Production (boe/d) (4)||65,000||–||75,000|
|Suncor Refinery Throughput (bbls/d)||430,000||–||445,000|
|Suncor Refinery Utilization (5)||92%||–||96%|
|Refined Product Sales (bbls/d)||550,000||–||580,000|
1) Production ranges for Oil Sands operations, Fort Hills, Syncrude and Exploration and Production are not intended to add to equal Suncor Total Production.
2) Oil Sands operations production includes synthetic crude oil, diesel, and bitumen and excludes Fort Hills PFT bitumen and Syncrude synthetic crude oil production. These ranges reflect the integrated upgrading and bitumen production performance risk.
3) Fort Hills production assumes Suncor’s incremental 21.3% share of Fort Hills production acquired from Teck Resources Limited is effective April 1, 2023.
4) Exploration and Production volumes assume UK divestiture takes place effective June 30, 2023.
5) Refinery utilization is based on the following crude processing capacities: Montreal – 137,000 bbls/d; Sarnia – 85,000 bbls/d; Edmonton – 146,000 bbls/d; and Commerce City – 98,000 bbls/d.
|Capital Expenditures (6)|
|(C$ millions)||2023 Full Year Outlook
November 29, 2022
|Upstream Oil Sands (7)||3,625||–||3,875||30%|
6) Capital expenditures exclude capitalized interest of approximately $180 million.
7) Upstream Oil Sands capital expenditure includes approximately $100 million for Suncor’s incremental 21.3% share of Fort Hills acquired from Teck Resources Limited, which is assumed to close on April 1, 2023.
8) Balance of capital expenditures represents Asset Sustainment and Maintenance capital expenditures. For definitions of Economic Investment and Asset Sustainment and Maintenance capital expenditures, see the Capital Investment Update section of Suncor’s Management’s Discussion and Analysis for the Third Quarter of 2022 dated November 2, 2022 (the “MD&A”), available at www. sedar.com.
Suncor’s corporate guidance provides management’s outlook for 2023 in certain key areas of the company’s business. Users of this forward-looking information are cautioned that actual results may vary materially from the targets disclosed. Readers are cautioned against placing undue reliance on this guidance.
For more detail on Suncor’s outlook and capital spending plan, see suncor.com/guidance.
For an updated Investor Relations presentation and the third quarter Investor Relations deck, see suncor.com/investor-centre.