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Suncor Energy Inc T.SU

Alternate Symbol(s):  SU

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.


TSX:SU - Post by User

Post by MigraineCallon Nov 29, 2022 11:35am
277 Views
Post# 35136777

Suncor Energy forecasts higher spend in 2023

Suncor Energy forecasts higher spend in 2023

https://www.reuters.com/business/energy/suncor-energy-forecasts-higher-spend-2023-2022-11-29/

Suncor Energy forecasts higher spend in 2023

Reuters
 
FILE PHOTO: The Suncor Energy logo is seen at their head office in Calgary
The Suncor Energy logo is seen at their head office in Calgary, Alberta, Canada, April 17, 2019. REUTERS/Chris Wattie/File Photo

Nov 29 (Reuters) - Canada's Suncor Energy Inc (SU.TO) on Tuesday forecast higher capital expenditure for 2023 as the energy company counters high inflation, rising interest rates and geopolitical unrest.

Rising costs and shortages of labor and materials have troubled the oil and gas industry this year, and many suspect the situation may further worsen in 2023.

Suncor had already raised its full-year 2022 capital expenditure forecast once in August, citing inflationary pressures and increased spending on safety improvement.

The company said higher capital expenditure also includes costs related to its acquisition of Canadian miner Teck Resources' (TECKb.TO) stake in the Fort Hills oil sands project in Alberta, which is expected to close in 2023.

Suncor estimates 2023 spending to be between C$5.4 billion ($4.02 billion) and C$5.8 billion, higher than its 2022 forecast of C$4.9 billion to C$5.2 billion.

The Calgary, Alberta-based firm expects total 2023 production to be between 740,000 and 770,000 barrels of oil equivalent per day (boepd), compared with 740,000-760,000 boepd a year earlier.

 

($1 = 1.3447 Canadian dollars)


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