OIL SANDS: Suncor puts 2014 capex at $7.8 billion

CALGARY – Suncor Energy has announced $7.80 billion in capital spending for 2014 to boost production to 610,000 bbl of oil equivalent from 565,000 bbl. The money earmarked for the oil sands will increase production 14% to offset the sale of the natural gas business earlier this year.

Total oil sands spending will be $4.45 billion: $2.53 billion in sustaining capital and $1.92 billion for growth projects, notably the Fort Hills joint venture and near term debottlenecking projects.

For more detail on Suncor's outlook and capital spending plan, see Suncor.com/guidance.