Oil sands expansion is on hold until the company can implement SA SAGD technology.
No-moat Suncor Energy reported record production of 739.9 thousand barrels of oil per day, or mbbl/d, during the third quarter. Production came in above our expectations, driven by a faster-than-expected recovery at Firebag following its maintenance turnaround activities, coupled with a faster-than-expected ramp-up at Syncrude following an outage incident earlier in the year. Furthermore, the Fort Hills expansion project is 95% complete and remains on track to produce first oil by the end of the...Suncor Energy is an energy company. Co.'s operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. Co.'s segments include: oil sands, which develop and produce synthetic crude oil and related products through the recovery and upgrading of bitumen; exploration and production, which include offshore activity, and the exploration and production of crude oil, natural gas, and natural gas liquids; and refining and marketing, which include the refining of crude oil products, and the distribution and marketing of these and other purchased products, as well as a lubricants plant.
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