Forecast - Production | Capital Markets | Capital Expenditure
Suncor's 2016 Capex: Down $500 MM
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Suncor Energy has released its 2016 corporate guidance today, which includes a flexible capital spending program of between $6.7 billion and $7.3 billion and average production of 525,000 to 565,000 barrels of oil equivalent per day.
The guidance includes projected Suncor oil sands cash operating costs per barrel (excluding Syncrude)(1) of $27.00 to $30.00, continuing a multi-year trend that has seen Suncor reduce its oil sands cash costs by over 25 per cent since 2011.
Steve Williams, Suncor president and chief executive officer said: "Our oil sands production is expected to be slightly reduced in 2016, versus 2015 as a result of significant planned maintenance activities scheduled at various facilities, including our first five year full turnaround at the U2 upgrader and major…
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