Canadian company Suncor announces an increase in oil and gas production in the fourth quarter – 01/06/2025 at 11:57 p.m.

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Canadian oil and gas company Suncor

SU.TO said on Monday it recorded higher upstream production and throughput at its refineries in the fourth quarter.

The Calgary, Alberta-based company’s quarterly upstream production reached 874,000 barrels per day (bpd), up from 808,000 bpd in the same quarter a year ago.

Suncor said throughput at its refineries rose 31,000 bpd to 487,000 bpd in the quarter, while refinery utilization jumped to 104% from 98% last year.

“Our strong operating performance also supported strong financial performance, including enabling us to achieve our net debt target of $8 billion nine months ahead of the projection outlined in our May 2024 three-year plan,” said Chief Executive Officer Rich Kruger.

Last month, the Canadian producer forecast an increase in oil and gas production at the site as well as a drop in spending in 2025, hoping to benefit from the increase in export capacity since the start of the expansion of the Trans Mountain pipeline last year.