Suncor announces plans for 2018

By The Canadian Press
November 16, 2017 - 8:08am

CALGARY- Suncor Energy Inc. says it will spend between $4.5 billion and $5 billion in 2018 to deliver average upstream production of about 760,000 barrels of oil equivalent per day.

The midpoint in spending guidance represents a decline of about $750 million from the 2017 budget, and is largely in line with analyst expectations.

The Calgary-based company is Canada's largest energy firm by market capitalization.

The company says its spending next year will largely be focused on sustaining operations given major planned maintenance projects in oilsands, and upgrading operations at the Edmonton refinery.

Suncor CEO Steve Williams says the company will be in a position to return cash to shareholders through dividends and share buybacks next year, as production rises from its new Fort Hills oilsands mine and Hebron oilfield project.

(The Canadian Press)

Demolition of former Target site on the horizon for Bower Place

Join the Discussion

We are happy to provide a forum for commenting and discussion. Please respect and abide by the house rules: Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards. See full commenting rules.