Suncor has become the latest oil major to report forecast-beating figures for the first quarter, benefiting from robust demand for refined oil products and record-breaking production from the oil sands. Suncor reported daily average production of 835,300 barrels over the three-month period, of which 785,000 bpd came from the oil sands—a record high. The total daily average for the quarter represented a 12.6% increase in the first quarter of 2023.
The robust first-quarter results follow an equally strong 2023 that saw the company’s second-highest production rate ever and its “best-ever” quarterly performance in the final three months of the year—which got beaten by the first-quarter 2024 results. Suncor is one of Canada’s oil producers planning to boost production further as the expanded Trans Mountain pipeline enters into operation.
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