Suncor Energy released its 2014 corporate guidance, which includes $7.8 billion in capital spending and planned average production of 565,000 to 610,000 barrels of oil equivalent per day. Oil Sands production is expected to increase by over 14 per cent, more than offsetting the reduced production from the North America Onshore business as a result of the natural gas divestiture in 2013. Total oil production year over year is expected to increase by approximately 10 per cent.

Approximately $4.2 billion of the 2014 capital spend is expected to go towards growth projects, with $1.9 billion of that growth capital earmarked for advancing oil sands projects including the Fort Hills joint venture and near-term debottlenecking and expansion initiatives such as MacKay River 2. Growth capital is also allocated to Exploration and Production projects including investment in Golden Eagle in the North Sea and development of East Coast Canada assets such as Hebron. Refining and Marketing growth capital of $220 million will largely be deployed on projects to support inland crude supply to the Montreal refinery.

Tags: Suncor Energy