Suncor Readies for Major Oil Sands, Offshore Expansion Projects

November 13, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Strong refining margins and higher sales volumes from its oil sands operations gave a much-needed jolt to Suncor Energy Incorporated (NYSE:SU) (Calgary, Alberta), which has been battling weak crude prices for most of 2023. The results come amid a wave of belt-tightening measures--including more than 1,500 job cuts--that executives say will save billions in cost.

Industrial Info is tracking more than $21 billion worth of active and planned projects from Suncor, about 66% of which is attributed to life-extension or plant-expansion investments. The chief executive officer of Suncor acknowledged the company's full-year 2023 oil production likely will come in at the lower end of guidance, at about 740,000 barrels per day (BBL/d), citing the delayed restart of a major offshore project.

Other companies featured: TotalEnergies SE (NYSE:TTE)