Suncor Energy published its fourth quarter numbers that included an oilsands record – 740,800 bbl/d – thanks in part to its interests in the Fort Hills (53%) and Syncrude (100%) operations in northern Alberta.
Funds from all operations were approximately C$2.0 billion in Q4 2018, compared to C$3.0 billion for the same quarter a year earlier. Cash flow was up – to C$3.0 billion in Q4 2018 – compared to a year earlier when it was C$2.8 billion. Operating earnings were C$580 million, but the company recorded a net loss of C$280.0 million this year. In Q4 2017 the company had operating earnings of C$1.3 billion and net earnings of C$1.4 billion.
Total oilsands production reached a new high for Q4 of 740,800 bbl/d, close to 90,000 bbl/d higher than the previous record. The output growth was attributed to reaching 94% plant utilization at Fort Hills and record production at Syncrude.
(This article originally appeared in the Canadian Mining Journal.)
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