Rhea-AI Impact
Rhea-AI Sentiment
Rhea-AI Summary
Suncor Energy (TSX: SU) (NYSE: SU) reported record operational results for Q4 and full-year 2024. The company achieved record quarterly upstream production of 874,000 bbls/d, up 66,000 bbls/d from Q4 2023, and record annual production of 827,000 bbls/d, exceeding guidance by 17,000 bbls/d.
Downstream operations also excelled with record quarterly refining throughput of 487,000 bbls/d and record annual throughput of 465,000 bbls/d, surpassing guidance by 20,000 bbls/d. Notable achievements include record annual upgrader utilization of 98% and refining utilization of 100%. The company reached its $8 billion net debt target nine months ahead of schedule from its May 2024 three-year plan.
Suncor Energy (TSX: SU) (NYSE: SU) ha riportato risultati operativi record per il quarto trimestre e l’intero anno 2024. La società ha raggiunto una produzione upstream trimestrale record di 874.000 bbl/g, in aumento di 66.000 bbl/g rispetto al quarto trimestre del 2023, e una produzione annua record di 827.000 bbl/g, superando le previsioni di 17.000 bbl/g.
Le operazioni downstream hanno fatto altrettanto bene, con un throughput di raffinazione trimestrale record di 487.000 bbl/g e un throughput annuo record di 465.000 bbl/g, oltrepassando le previsioni di 20.000 bbl/g. Tra i risultati notevoli ci sono il tasso di utilizzo annuale degli upgrader del 98% e il tasso di utilizzo della raffinazione del 100%. L’azienda ha raggiunto il suo obiettivo di debito netto di 8 miliardi di dollari nove mesi prima della scadenza prevista dal piano triennale di maggio 2024.
Suncor Energy (TSX: SU) (NYSE: SU) reportó resultados operativos récord para el cuarto trimestre y para todo el año 2024. La compañía logró una producción upstream trimestral récord de 874,000 bbl/d, aumentando en 66,000 bbl/d respecto al cuarto trimestre de 2023, y una producción anual récord de 827,000 bbl/d, superando la guía en 17,000 bbl/d.
Las operaciones downstream también sobresalieron con un rendimiento de refinación trimestral récord de 487,000 bbl/d y un rendimiento anual récord de 465,000 bbl/d, sobrepasando la guía en 20,000 bbl/d. Los logros notables incluyen una utilización anual de upgrader del 98% y una utilización de refinación del 100%. La compañía alcanzó su objetivo de deuda neta de $8 mil millones nueve meses antes de lo previsto en su plan trienal de mayo de 2024.
Suncor Energy (TSX: SU) (NYSE: SU)는 2024년 4분기 및 연간 기록적인 운영 결과를 보고했습니다. 이 회사는 2023년 4분기보다 66,000 bbl/d 증가한 874,000 bbl/d의 분기별 업스트림 생산량 기록을 달성했으며, 연간 생산량도 827,000 bbl/d로, 지침을 17,000 bbl/d 초과했습니다.
다운스트림 운영 역시 뛰어난 성과를 보였으며, 분기별 정제 처리량은 487,000 bbl/d로 기록을 세웠고, 연간 처리량은 465,000 bbl/d로, 지침을 20,000 bbl/d 초과했습니다. 주목할 만한 성과로는 연간 업그레이더 이용률 98%와 정제 이용률 100%가 있습니다. 이 회사는 2024년 5월 3년 계획에서 9개월 앞서 80억 달러의 순부채 목표를 달성했습니다.
Suncor Energy (TSX: SU) (NYSE: SU) a annoncé des résultats opérationnels record pour le quatrième trimestre et l’année entière 2024. La société a atteint une production en amont trimestrielle record de 874 000 bbl/j, en hausse de 66 000 bbl/j par rapport au quatrième trimestre 2023, et une production annuelle record de 827 000 bbl/j, dépassant les prévisions de 17 000 bbl/j.
Les opérations en aval ont également excellé avec un rendement de raffinage trimestriel record de 487 000 bbl/j et un rendement annuel record de 465 000 bbl/j, surpassant les prévisions de 20 000 bbl/j. Parmi les réalisations notables figurent un taux d’utilisation annuel des upgradeurs de 98 % et un taux d’utilisation de raffinage de 100 %. L’entreprise a atteint son objectif de dette nette de 8 milliards de dollars neuf mois avant la date prévue de son plan triennal de mai 2024.
Suncor Energy (TSX: SU) (NYSE: SU) hat rekordverdächtige Betriebsergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das Unternehmen erzielte eine rekordverdächtige vierteljährliche Upstream-Produktion von 874.000 bbl/Tag, was eine Steigerung von 66.000 bbl/Tag im Vergleich zum vierten Quartal 2023 darstellt, und eine rekordverdächtige Jahresproduktion von 827.000 bbl/Tag, die die Prognose um 17.000 bbl/Tag übertraf.
Die Downstream-Operationen waren ebenfalls erfolgreich mit einem rekordverdächtigen quartalsweisen Raffineriedurchsatz von 487.000 bbl/Tag und einem rekordverdächtigen jährlich Raffineriedurchsatz von 465.000 bbl/Tag, was die Prognose um 20.000 bbl/Tag übertraf. Bemerkenswerte Erfolge umfassen eine jährliche Nutzung der Upgrader von 98 % und eine Raffinerienutzung von 100 %. Das Unternehmen erreichte sein Ziel von 8 Milliarden Dollar Nettoverschuldung neun Monate vor dem Zeitplan seines Drei-Jahres-Plans von Mai 2024.
Positive
- Record quarterly upstream production of 874,000 bbls/d, up 66,000 bbls/d YoY
- Annual production exceeded guidance by 17,000 bbls/d
- Record annual refining throughput of 465,000 bbls/d, up 10.5% YoY
- Achieved $8 billion net debt target 9 months ahead of schedule
- Record annual refined product sales of 599,000 bbls/d, up 8.3% YoY
Insights
The record-breaking operational performance across Suncor’s upstream and downstream segments marks a pivotal achievement. Total upstream production reached 874,000 bbls/d in Q4, with annual production of 827,000 bbls/d exceeding guidance by 17,000 bbls/d. These figures demonstrate exceptional asset optimization and operational efficiency.
The refining segment’s performance is equally impressive, with record quarterly throughput of 487,000 bbls/d and 104% utilization rate. This operational excellence translates to stronger cash flows and improved margins, particularly beneficial in the current high-price environment for refined products.
Most notably, achieving the $8 billion net debt target nine months ahead of schedule indicates robust free cash flow generation and disciplined capital allocation. This strengthened balance sheet provides greater financial flexibility for shareholder returns and strategic investments.
The operational metrics reveal Suncor’s exceptional asset management and technical capabilities. The record 103% upgrader utilization in Q4, coupled with unprecedented annual utilization rates at Base Plant (99%) and Syncrude (96%), showcases best-in-class operational reliability. The Firebag facility’s record production of 250,000 bbls/d demonstrates the effectiveness of their reservoir management strategies.
Fort Hills’ performance turnaround is particularly noteworthy, with record annual production of 168,000 bbls/d. This validates the optimization initiatives implemented at the asset. The downstream segment’s achievement of 100% annual refining utilization positions Suncor advantageously in capturing refined product margins and market opportunities.
These operational results significantly strengthen Suncor’s competitive position in the North American energy sector. The 10.9% year-over-year increase in annual production and 10.5% growth in refining throughput demonstrate superior operational execution compared to industry peers. The record annual refined product sales of 599,000 bbls/d, exceeding guidance by 19,000 bbls/d, indicates strong market demand and effective commercial strategies.
The early achievement of debt reduction targets enhances Suncor’s financial flexibility and potential for increased shareholder returns. This operational momentum, combined with integrated business model advantages, positions Suncor favorably for sustained performance improvement in 2025.
(All figures are approximate)
Calgary, Alberta–(Newsfile Corp. – January 6, 2025) – Suncor (TSX: SU) (NYSE: SU) today provided an operational performance update for its upstream and downstream businesses for the 4th quarter and full year of 2024 as summarized below:
Upstream Highlights:
- Record quarterly production of 874,000 bbls/d, up 66,000 bbls/d from 4th quarter 2023
- Quarterly upgrader utilization of 103%, with both Syncrude and Base Plant greater than 100%
- Record annual production of 827,000 bbls/d, up 81,000 bbls/d, or 10.9%, from 2023
- Annual production 17,000 bbls/d above the high-end of guidance
- Record annual upgrader utilization of 98%, 6% higher than previous best
- Record annual utilization of 99% and 96% at Base Plant and Syncrude, respectively
- Record quarterly and annual production at Firebag of 250,000 bbls/d and 234,000 bbls/d, respectively
- Record annual production at Fort Hills of 168,000 bbls/d, including above plan production of 161,000 bbls/d in the 4th quarter
Downstream Highlights:
- Record quarterly refining throughput of 487,000 bbls/d, tied with the 3rd quarter 2024, up 31,000 bbls/d from 4th quarter 2023
- Quarterly refining utilization of 104%, with all four refineries greater than 100%
- Record annual refining throughput of 465,000 bbls/d, up 44,000 bbls/d, or 10.5%, from 2023
- Annual throughput 20,000 bbls/d above the high-end of guidance
- Record annual refining utilization of 100%, 5% higher than previous best
- Record annual utilization of 105% and 98% at Edmonton and Montreal, respectively
- Record annual refined product sales of 599,000 bbls/d, up 46,000 bbls/d, or 8.3%, from 2023
- Annual product sales 19,000 bbls/d above the high-end of guidance
| Q4 2024 | FY 2024 | FY 2024 Guidance | |||
| Upgraded – net SCO and diesel (bbls/d) | 543,000 | 516,000 | |||
| Non-upgraded bitumen (bbls/d) | 274,000 | 258,000 | |||
| Total Oil Sands production (bbls/d) | 817,000 | 774,000 | 725,000 | – | 755,000 |
| Exploration and Production (bbls/d) | 57,000 | 53,000 | 45,000 | – | 55,000 |
| Total Upstream Production (bbls/d) | 874,000 | 827,000 | 770,000 | – | 810,000 |
| Refinery Throughput (bbls/d) | 487,000 | 465,000 | 430,000 | – | 445,000 |
| Refinery Utilization (%) | 104 | 100 | 92 | – | 96 |
“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. In addition, it was a reflection of the expertise and dedication of our people and the quality of our overall asset base,” said Rich Kruger, President and Chief Executive Officer. “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. We are committed to maintaining this level of focus and results orientation to continue delivering value for our shareholders in 2025 and beyond.”
For more information about Suncor, visit our website at suncor.com
Suncor Energy is Canada’s leading integrated energy company. Suncor’s operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company’s Petro-Canada™ retail and wholesale distribution networks (including Canada’s Electric Highway™, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investment in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236227
FAQ
What was Suncor’s (SU) upstream production in Q4 2024?
Suncor achieved record quarterly upstream production of 874,000 bbls/d in Q4 2024, representing an increase of 66,000 bbls/d from Q4 2023.
How did Suncor (SU) perform against its 2024 production guidance?
Suncor exceeded its 2024 production guidance by 17,000 bbls/d, achieving annual production of 827,000 bbls/d versus guidance of 770,000-810,000 bbls/d.
What was Suncor’s (SU) refinery utilization rate in 2024?
Suncor achieved a record annual refining utilization rate of 100% in 2024, which was 5% higher than its previous best.
How much earlier did Suncor (SU) reach its $8 billion net debt target?
Suncor reached its $8 billion net debt target nine months ahead of the projection outlined in its May 2024 three-year plan.
