forward guidance Corporate Guidance
Suncor has updated its full-year business environment outlook assumptions for WCS at Hardisty from US$84.00/bbl to US$80.00/bbl, New York Harbor 2-1-1 crack from US$38.00/bbl to US$41.50/bbl and AECO-C Spot from $6.10/GJ to $5.90/GJ due to changes in key forward curve pricing for the remainder of the year.
In addition, the company's total production range has been revised from 750,000 bbls/d - 790,000 bbls/d to 740,000 bbls/d - 760,000 bbls/d to reflect year to date performance and expected performance for the remainder of the year. As a result, the top of the production ranges for Oil Sands operations have been revised from 435,000 bbls/d to 415,000 bbls/d, Fort Hills from 100,000 bbls/d to 90,000 bbls/d, Syncrude from 190,000 bbls/d to 185,000 bbls/d and E&P from 85,000 bbls/d to 80,000 bbls/d.
The company has also revised its full year outlook for capital expenditures from a single point estimate of $4.7 billion to a range of $4.9 billion - $5.2 billion. The increase in capital guidance reflects inflationary pressures across the business, the West White Rose Project restart and the company's increased working interest in that project, and increased spend during turnarounds and maintenance to improve safety and reliability across the portfolio.
The company has also updated its Fort Hills cash operating costs per barrel guidance range, with the increased range attributed primarily to inflationary pressures, increased commodity costs and reduced production. As a result, Fort Hills cash operating costs per barrel have been updated from $25.00 - $28.00 to $27.00 - $30.00.
As a result of these updates, the full-year current income tax expense range has increased from $4.0 billion - $4.3 billion to $4.4 billion - $4.7 billion.