CALGARY, Alberta, Dec. 14, 2018 (GLOBE NEWSWIRE) — Suncor released its 2019 corporate guidance today which includes a capital program of between $4.9 and $5.6 billion and average upstream production of 780,000 to 820,000 barrels of oil equivalent per day (boe/d). The midpoints of these ranges represent a flat capital spend compared to 2018 and a year over year production increase of approximately 10%, including estimated mandatory production curtailments, from approximately 730,000 boe/d in 2018. The Government of Alberta has mandated compulsory production curtailments across the industry starting Jan. 1, 2019. Although considerable uncertainty on the impacts of the curtailment remains, Suncor’s production guidance assumes the mandatory production curtailments are in place for three months before declining to 30% of initial levels for the remainder of 2019. This is consistent with the Government of Alberta announcement. Cash operating costs are artificially higher as they reflect the impact on production from the Government of Alberta mandatory production curtailments. Suncor’s Oil Sands operations cash operating costs per barrel is $24.00 – $26.50 (US $18.25 – $20.15) reflecting lower 2019 planned maintenance and increased cost efficiencies. Oil Sands operations cash operating costs exclude Fort Hills and Syncrude. Fort Hills cash operating costs […]
