Suncor provides capital spending, production outlook for 2017

Suncor Energy Inc., Calgary, said it expects its capital spending to reach $4.8-5.2 billion (Can.) in 2017. A midpoint would represent a $1-billion (Can.) decrease from 2016 (OGJ Online, Feb. 4, 2016).

About 40% of next year’s capex program is allocated toward upstream growth projects, including the Fort Hills oil sands project and the Hebron heavy oil project. Both are expected to reach start of production by yearend 2017.

The remaining 60% of capex is planned for sustaining upstream, downstream, and corporate segments.

Suncor’s forecast for production is 680,000-720,000 boe/d. A midpoint would represent a 13% increase over 2016. Suncor did not provide an outlook for production in Libya because of continued political unrest.

The company’s refinery utilization rate is expected to be 92-96% of capacity at Montreal, Sarnia, Edmonton, and Commerce City.

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