OIL SANDS: Suncor pumps up bitumen numbers in Q2

ALBERTA – Suncor Energy, headquartered in Calgary, generated cash flows in excess of $2.1 billion in Q2 2015, despite the recent drop in crude oil prices. Earnings were in the black, too. The operating figure was $906 million ($0.63 per share) and the net figure was $729 million ($0.50 per share).

Oil sands production increased by 45,000 bbl/d from the same quarter a year earlier, and output averaged 423,000 bbl/d for the three months ended June 30, 2015. The company said increased output combined with lower natural gas prices and continuing cost reduction initiatives allowed it to shrink operating costs to $28.00 per barrel, compared to $34.10 per barrel a year ago.

Suncor's share of Syncrude production was 24,900 bbl/d in Q2 2015, slightly up from 24,300 bbl/d a year earlier. Planned maintenance was carried out at Syncrude in both second quarters.

Suncor says the Fort Hills oil sands project (with Teck Resources and Total E&P Canada) is on schedule. Detailed engineering was 89% complete and construction was 34% complete at the end of June. First oil is expected in Q4 2017.

Please see Suncor.com for more information.