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Released February 09, 2018 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Suncor Energy Incorporated (NYSE:SU) (Calgary, Alberta) reported a much-improved fourth-quarter and full-year 2017 for earnings. Net earnings in the just-passed quarter were C$1.38 billion ($1.1 billion), compared with C$531 million ($421.9 million) in fourth-quarter 2016. Full year net earnings were C$4.46 billion ($3.54 billion), compared with C$445 million ($353 million) for 2016. The company cited improved crude oil pricing, lower operating and exploration costs, and refinery utilization of 94% as reasons for the uptick in earnings. Industrial Info is tracking $33.9 billion in active Suncor projects.
Oil sands and syncrude realized prices increased 15% in fourth-quarter 2017 from fourth-quarter 2016 to C$62.67 ($49.75) and C$73.64 ($58.46) per barrel, respectively.
Among the highlights of the fourth quarter was the startup of the company's Hebron offshore oil project in the Labrador Sea. The project is a joint venture with Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas). In the company's conference call, Suncor Chief Executive Officer Steve Williams said, "We were very pleased to see Hebron's first operation come online in November, about a month ahead of schedule. Development drilling will continue, and we expect the project to contribute close to 10,000 barrels per day (BBL/d) to Suncor's production this year." The project continues to ramp up and is expected to reach 150,000 BBL/d of production at its peak, netting Suncor approximately 31,000 BBL/d per day as part of its share. For more information, see Industrial Info's project reports on the topsides, gravity-based structure and subsea development.
The company's oil sands production in fourth-quarter 2017 was 446,800 BBL/d, compared with 433,400 BBL/d in fourth-quarter 2016. Among the reasons for this was increased production at Suncor's Firebag facility in Alberta. The company is in the planning stages for a Stage 5 expansion of the facility, which would expand existing production by 63,000 BBL/d. Construction on the $600 million project could kick off in summer 2019, taking about a year to complete. A Stage 6 expansion remains in the early planning stage, which would expand capacity by an additional 63,000 BBL/d to 269,000 BBL/d. For more information see Industrial Info's project reports on the Stage 5 and Stage 6 expansions.
Suncor recently announced the completion the first phase of its 180,000-BBL/d Fort Hills oil sands facility. For more information, see February 1, 2018, article - Fort Hills Oil Sands Mine Marks Milestone, Becomes Operational. The company could potentially expand the Fort Hills facility, although this would be some years away. The expansion could increase production capacity to 320,000 BBL/d. For more information, see Industrial Info's project report.
Suncor's oil sands production increased 12% for the year and is expected to increase a further 15% in 2018.
Among the company's largest projects being tracked by Industrial Info is the future construction of the Voyageur oil sands mine in Alberta. The facility would have a 28-year mine life and produce 250,000 BBL/d. The project has an estimated total investment value (TIV) of $11 billion and could kick off in 2021. For more information, see Industrial Info's project report.
While oil remains Suncor's primary focus, Industrial Info also is tracking potential wind and solar power installations by the company. Among these is the Forty Mile Windfarm near Bow Island, Alberta. The windfarm would use 100 turbines and have a total generating capacity of 200 megawatts. The project remains in the permitting stage and could begin construction in 2019, taking about a year to complete. The project has an estimated TIV of $350 million. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Oil sands and syncrude realized prices increased 15% in fourth-quarter 2017 from fourth-quarter 2016 to C$62.67 ($49.75) and C$73.64 ($58.46) per barrel, respectively.
Among the highlights of the fourth quarter was the startup of the company's Hebron offshore oil project in the Labrador Sea. The project is a joint venture with Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas). In the company's conference call, Suncor Chief Executive Officer Steve Williams said, "We were very pleased to see Hebron's first operation come online in November, about a month ahead of schedule. Development drilling will continue, and we expect the project to contribute close to 10,000 barrels per day (BBL/d) to Suncor's production this year." The project continues to ramp up and is expected to reach 150,000 BBL/d of production at its peak, netting Suncor approximately 31,000 BBL/d per day as part of its share. For more information, see Industrial Info's project reports on the topsides, gravity-based structure and subsea development.
The company's oil sands production in fourth-quarter 2017 was 446,800 BBL/d, compared with 433,400 BBL/d in fourth-quarter 2016. Among the reasons for this was increased production at Suncor's Firebag facility in Alberta. The company is in the planning stages for a Stage 5 expansion of the facility, which would expand existing production by 63,000 BBL/d. Construction on the $600 million project could kick off in summer 2019, taking about a year to complete. A Stage 6 expansion remains in the early planning stage, which would expand capacity by an additional 63,000 BBL/d to 269,000 BBL/d. For more information see Industrial Info's project reports on the Stage 5 and Stage 6 expansions.
Suncor recently announced the completion the first phase of its 180,000-BBL/d Fort Hills oil sands facility. For more information, see February 1, 2018, article - Fort Hills Oil Sands Mine Marks Milestone, Becomes Operational. The company could potentially expand the Fort Hills facility, although this would be some years away. The expansion could increase production capacity to 320,000 BBL/d. For more information, see Industrial Info's project report.
Suncor's oil sands production increased 12% for the year and is expected to increase a further 15% in 2018.
Among the company's largest projects being tracked by Industrial Info is the future construction of the Voyageur oil sands mine in Alberta. The facility would have a 28-year mine life and produce 250,000 BBL/d. The project has an estimated total investment value (TIV) of $11 billion and could kick off in 2021. For more information, see Industrial Info's project report.
While oil remains Suncor's primary focus, Industrial Info also is tracking potential wind and solar power installations by the company. Among these is the Forty Mile Windfarm near Bow Island, Alberta. The windfarm would use 100 turbines and have a total generating capacity of 200 megawatts. The project remains in the permitting stage and could begin construction in 2019, taking about a year to complete. The project has an estimated TIV of $350 million. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
