Suncor Energy Boosts 2022 Capital Spending

August 8, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Canada's Suncor Energy Incorporated (NYSE:SU) has increased its capital expenditure (capex) budget for 2022, to between C$4.9 billion (US$3.7 billion) and C$5.2 billion (US$4 billion), up from C$4.7 billion (US$3.6 billion)--the majority of which is allocated for its upstream oil sands business. The jump reflects inflationary pressures, the restart of its West White Rose oil project, and increased spend during turnarounds and maintenance, the company said in its recent second-quarter earnings press release.

Industrial Info is tracking US$18.7 billion worth of active projects from Suncor.