Suncor tracking ahead of its production forecast at mid-point of year

The Suncor Energy Centre is pictured in Calgary, Friday, Sept. 16, 2022. (THE CANADIAN PRESS/Jeff McIntosh)

Suncor Energy Inc. says its oil and gas production so far in 2024 is tracking ahead of its forecast, though the company is refraining from making changes to its full-year guidance.

The Calgary-based company beat Wall Street's expectations with its second-quarter earnings report, delivering total oilsands production of 834,400 barrels per day, compared with 814,300 barrels per day in the same quarter of 2023.

The company achieved record bitumen production at both its Fort Hills and Firebag oilsands sites.

Suncor also saw record quarterly refined product sales in the second quarter, and broke a quarterly utilization record at its 146,000-barrel-per-day Edmonton refinery.

Suncor, which until recently had a reputation for under-performance compared with industry peers, has been pursuing a major corporate turnaround plan under the leadership of CEO Rich Kruger, who took the helm in April 2023.

Kruger said Wednesday the company is delivering tangible improvements and tracking above its own guidance on several metrics, but added it is only halfway through the year and Suncor has more work to do.

This report by The Canadian Press was first published Aug. 7, 2024.