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Suncor Reports Increased Production from Oil Sands
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Suncor has reported third quarter results for 2013:
Record average quarterly production of 396,400 barrels per day (bbls/d) at Oil Sands operations and lower cash operating costs of $32.60 per barrel. Suncor completed the sale of a significant portion of its natural gas business in Western Canada for proceeds of $1 billion, before closing adjustments and other closing costs, resulting in an after-tax gain on sale of $130 million. On October 30, 2013, the Fort Hills oil sands mining project received sanction. The project is expected to provide Suncor with up to 73,000 bbls/d of bitumen, with first oil expected as early as the fourth quarter of 2017.Steve Williams, president and chief executive officer, said "This quarter's results reflect a significant step forward in our drive to…
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