Suncor Energy (TSX: SU) reported today its corporate guidance for 2022. The firm is expecting its upstream production next year to be 750,000 – 790,000 barrels of oil equivalent per day (boe/d).
The production guidance is 5% higher than the latest 2021 production guidance of 740,000 – 780,000 boe/d. While the energy film sold Golden Eagle, it is said to be partially offset by the Fort Hills’ ramp-up to full production.
In its Q3 production results, the firm reported its total upstream production increased at 698,600 boe/d.
The annual production guidance consists of 395,000 – 435,000 barrels per day from Oil Sands, 85,000 – 100,000 bbls/d from Fort Hills, 175,000 – 190,000 bbls/d from Syncrude, and 75,000 – 85,000 boe/d from exploration and production actvities.
On its refinery side, the firm expects 2022 throughput to be 430,000 – 445,000 bbls/d with refinery utilization rates at 92% – 96%. Refined products sold will be expected at 550,000 – 580,000 bbls/d.
The company also trimmed its capital guidance for next year by $300 million, expecting a total of $4.7 billion in expenditures. The budget is heavily focused on sustaining capital, expecting $3.20 billion – $3.35 billion for upstream production.
Suncor Energy last traded at $31.31 on the TSX.
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