Suncor Sets Quarterly Production Record

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CBJ — Suncor Energy reports that its upstream production in the last three months of 2018 hit a quarterly record.

Canada’s largest integrated oil and gas company says production averaged 831,000 barrels of oil equivalent per day, up 12% from the third quarter.

Oilsands operations produced approximately 433,000 barrels per day in the quarter, while total production from exploration and production was 90,000 boe/d.

Suncor maintained its December production guidance for 2019 that forecast production growth of 10% even after production cuts imposed by the Alberta government.

The province announced mandatory production curtailments for the industry for this year in a bid to reduce a glut of oil and help boost low prices.