Suncor Energy reports production hits quarterly record in fourth quarter

CALGARY – Suncor Energy Inc. says its upstream production in the last three months of 2018 hit a quarterly record.

Canada’s largest integrated oil and gas company says production averaged 831,000 barrels of oil equivalent per day, up 12 per cent from the third quarter.

Oilsands operations produced approximately 433,000 barrels per day in the quarter, while total production from exploration and production was 90,000 boe/d.

In its outlook, Suncor maintained its December production guidance for 2019 that forecast production growth of 10 per cent even after production cuts imposed by the Alberta government.

The province announced mandatory production curtailments for the industry this year in a bid to reduce a glut of oil and help boost low prices.

Suncor’s full fourth-quarter results will be issued Feb. 5.