Suncor Energy Inc. says it will increase oil output next year by up to five per cent and lower costs from its oilsands assets.
The Calgary-based energy giant says it plans to grow its total oil and gas production to between 810,000 and 840,000 barrels per day in 2025, up from its 2024 estimated range of 770,000 to 810,000 barrels per day.
The company says its capital expenditure budget for 2025 is between $6.1 billion and $6.3 billion, down from its 2024 capital expenditure budget of between $6.3 and $6.5 billion.
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Suncor’s financial performance has been improving under the leadership of CEO Rich Kruger, who was hired in 2023 to turn the company’s fortunes around after a spate of operational challenges and workplace safety incidents.
Suncor is also benefiting from the opening earlier this year of the Trans Mountain pipeline expansion, which has enabled oilsands producers to boost their output due to the additional export capacity the pipeline offers.
Suncor says it is aiming to add more than 100,000 barrels per day of oil and gas production between 2023 and 2026.
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