Canadian integrated oil company Suncor on Monday said it achieved a series of fourth quarter and full-year 2024 operational records, while cutting debt well ahead of schedule.

The Calgary-based company said Q4 production rose to a record 874,000 b/d, up 66,000 b/d from the same period of 2023. Suncor said its Firebag complex contributed 250,000 b/d to output and reported record production at Fort Hills where 168,000 b/d of oil moved to market.

It put 2024 production at 827,000 b/d, up by 81,000 b/d, or about 11%, from 2023.

Suncor also reported that it ran an average of 487,000 b/d of crude and other feedstock at its four refineries in Q4, on par with the third quarter and 31,000 b/d more than in the same period of 2023. All four North American refineries operated at greater than 100% capacity, it added.

Suncor said its Q4 refined product sales in 2024 averaged 599,000 b/d or about 19,000 b/d, another all-time high. Sales were up by 46,000 b/d, or about 8%, from 2023.

President and Chief Executive Rich Kruger said in a news release that the operational results allowed the company to achieve its $8 billion net debt target nine months earlier than it had projected in May.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

   --Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Jeff Barber,   jbarber@opisnet.com 
 

(END) Dow Jones Newswires

January 07, 2025 10:55 ET (15:55 GMT)

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