Suncor Reports Record-Breaking Production and Refining Results for 2024

Suncor Energy (TSX: SU) has announced record-breaking operational results for 2024, highlighting significant growth in oil sands production and refinery utilization. The company achieved an annual average production of 827,000 barrels per day (bbls/d), an 11 per cent increase from 2023. Fourth-quarter production reached a record 874,000 bbls/d, driven by strong performance at key facilities, including Fort Hills and Firebag.

“Suncor’s exceptionally strong operational performance in both the 4th quarter and full year of 2024, across all of our businesses, was supported by an ongoing focus on the fundamentals, including safety and operational reliability,” said Rich Kruger, President and Chief Executive Officer of Suncor.

Record annual upgrader utilization of 98 per cent, including 99 per cent at Base Plant and 96 per cent at Syncrude, supported Suncor’s upstream success. Fourth-quarter upgrader utilization surpassed 103 per cent, contributing to the company’s record-breaking output.

Downstream operations also reached new milestones, tying a quarterly refining throughput record of 487,000 bbls/d in the fourth quarter and setting an annual record of 465,000 bbls/d, a 10.5 per cent increase from 2023.

“Our strong operational performance also supported strong financial performance, including enabling us to achieve our $8 billion net debt target nine months ahead of the projection outlined in our May 2024 three-year plan,” Kruger added. “We are committed to maintaining this level of focus and results orientation to continue delivering value for our shareholders in 2025 and beyond.”

Suncor shares closed at $52.95 on Monday with a sharp uptick in the final minutes of trading.