OIL SANDS: Suncor offers 2017 capital spending plans and production outlook

CALGARY – Suncor Energy foresees a capital spending program of between $4.8 billion and $5.2 billion for the 2017 calendar year. The midpoint of this estimate represents a year-over-year reduction of about $1 billion even with a full year of increased Syncrude ownership. The company further said it expects average production next year to be between 680,000 and 720,000 barrels of oil equivalent per day (boe/d). That would be a 13% increase to output. The cash operating costs from Suncor’s oil sands operation will be in the per barrel range of $24 to $27, roughly a dollar higher than this year due to higher natural gas prices. Learn more about Suncor’s oil sands operations at www.Suncor.com/about-us/oil-sands.