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Suncor Energy Spending $7.8 Billion in 2015

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   |    Wednesday,November 19,2014

Suncor Energy released its 2015 corporate guidance today, which includes capital spending of between $7.2 and $7.8 billion and planned average production of 540,000 to 585,000 barrels of oil equivalent per day.

Steve Williams, Suncor president and chief executive officer said: "Our production guidance for next year reflects a continued trend of improved reliability and steady growth.

We remain focused on driving down our Oil Sands cash operating costs, underscoring our commitment to creating value for shareholders."

Approximately 55 per cent or up to $4.3 billion of the 2015 capital spend is expected to go towards growth projects with over $2.0 billion earmarked for the Oil Sands segment. About 45 per cent or up to $3.5 billion of Suncor's 2015 capital spend is expected to be allocated towards sustaining capital investments focused on safe, reliable and efficient operations across the company's assets.

Williams said: "Our disciplined approach to building a strong balance sheet and prudently managing our capital program has positioned us to execute on our strategy even during periods of lower crude prices.

We will continue to invest in both our base business and in our key growth projects going forward and would expect to generate free cash flow even with Brent oil prices in the US$80 to US$85 per barrel range."

Suncor also confirmed comments made in its Q3 release that total production for 2014 is anticipated to be in the low end of its annual guidance range, with Oil Sands operations production slightly below the lower end of the guidance range.

Suncor's corporate guidance provides management's outlook for 2015 in certain key areas of the company's business. Users of this forward-looking information are cautioned that actual results may vary materially from the targets disclosed. Readers are cautioned against placing undue reliance on this guidance.

 

2015 Guidance:

2014 Guidance: