Suncor Energy Inc. (TSX: T.SU, Stock Forum) (NYSE: SU, Stock Forum) released its 2013 corporate guidance Monday.
Highlights include $7.3 billion in capital spending, balanced between growth and sustaining projects, the company said in a press release.
The company is also eyeing production of 570,000 to 620,000 barrels of oil equivalent per day, marking an increase of approximately 8% in overall production and 12% in oil sands projection year over year.
Approximately $3.3 billion of the 2013 capital spend is earmarked for growth projects, with nearly half of that growth capital reserved for advancing exploration and production projects, including Hebron, Golden Eagle, and East Coast Canada asset development.
Suncor’s capital spending plan for 2013 was announced after the close of North American markets. On Tuesday, Suncor shares eased 0.43% to $32.32, leaving the company with a market cap of $49.5 billion, based on 1.5 billion shares outstanding.