Suncor Energy Posts Record Q1 Upstream, Downstream Operating Results
Canadian energy company Suncor Energy (SU) Tuesday reported new Q1 records for upstream production and refining throughput.For the quarter ended March 31, upstream output totaled 875,200 barrels per day, up from the 853,200 b/d posted in the year-ago period and a new record for the quarter.Oil sands production during the quarter totaled 798,800 b/d, compared with 790,000 b/d a year earlier, with quarterly output at Fort Hills reaching a record high, the company said.The exploration and production segment contributed 76,400 b/d output, higher than the previous year's 62,300 b/d, due to "strong production at all assets," according to Suncor.Consequently, upstream sales grew year over year to 872,100 b/d from 828,400 b/d.In the downstream segment, crude oil processing reached a Q1 record of 497,800 b/d, higher than the prior year's 482,700 b/d, driven by capacity additions from debottlenecking activities and sustained strong operating performance, the company said.Capacity additions led to a 10% increase in refining network nameplate capacity to 511,000 b/d as of Jan. 1. With this new nameplate capacity, refinery utilization averaged 97% in Q1, up from the prior year's 94%, according to the report.The company also said that its refined product sales grew to a quarterly record of 680,900 b/d, relative to 604,900 b/d a year earlier, reflecting higher refinery production.Suncor said it achieved strong sales performance as it "capitalized on global export sales opportunities while continuing to deliver more domestic volumes through retail growth and strategic partnerships."
