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Suncor's Extraordinary Performance Breaks Its Own Production Records
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Suncor Energy Inc. (SU - Free Report) , a leading integrated energy company, recently announced the operational performance update for the fourth quarter and full-year 2024. The company recorded an unprecedented performance in upstream and downstream businesses in 2024, setting records in oil production and refining throughput.
SU’s Upstream Performance
In the fourth quarter alone, Suncor’s upstream production soared to 874 kbbl/d (thousand barrels per day), up from 808 kbbl/d a year earlier, marking the upgrader utilization soaring to 103%.
For the full year 2024, Suncor recorded an average annual production of 827 kbbl/d, marking an increase of 81 kbbl/d or 10.9% from 2023. The record yearly production surpassed the high end of its own guidance by 17 kbbl/d. The upgrader also scored an annual utilization of 98%, 6% higher than its previous best.
SU’s Downstream Performance
During the fourth quarter of 2024, the refinery throughput rose to 487 kbbl/d, up from 456 kbbl/d a year earlier. The downstream operations also marked the jump in refinery utilization to 104% from its previous 98%.
For the full year, SU recorded a refining throughput of 465 kbbl/d, marking an increase of 44 kbbl/d, or 10.5%, from 2023. The yearly throughput surpassed the high end of its guidance by 20 kbbl/day, supported by an impressive refinery utilization rate of 100%.
SU’s Support System for Exceptional Performance
Suncor’s strong operational performance in the fourth quarter and the full year of 2024 was supported by the launch of the Trans Mountain pipeline expansion, unlocking its export capacities and enabling the company to scale up output.
The company also gained support in its business areas by focusing on fundamentals like safety and operational reliability. The quality of its asset base and the dedication of its people also helped the company achieve exceptional results.
Looking Ahead to 2025
In December 2024, Suncor released its 2025 guidance in which the company had clearly stated that it intends to stay focused on growth in production and reduction in its capital expenditure. The company plans to grow its production levels by about 4% and reduce the capital expenditure by about 3% in 2025.
SU’s Zacks Rank and Key Picks
Alberta-based Suncor Energy is Canada's premier integrated energy company. The company's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining, and product marketing. Currently, SU has a Zacks Rank #3 (Hold).
Hamilton, Bermuda-based GeoPark Ltd is an explorer, operator and consolidator of oil and gas. The Zacks Consensus Estimate for GPRK’s 2024 earnings indicates 19.39% year-over-year growth.
Calgary, Canada-based ARC Resources is engaged in the exploration, acquisition and development of oil and natural gas properties. AETUF’s expected EPS (earnings per share) growth rate for next year is 50.78%, which aligns favorably with the industry growth rate of 11.60%.
Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2024 earnings indicates 125% year-over-year growth.
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Suncor's Extraordinary Performance Breaks Its Own Production Records
Suncor Energy Inc. (SU - Free Report) , a leading integrated energy company, recently announced the operational performance update for the fourth quarter and full-year 2024. The company recorded an unprecedented performance in upstream and downstream businesses in 2024, setting records in oil production and refining throughput.
SU’s Upstream Performance
In the fourth quarter alone, Suncor’s upstream production soared to 874 kbbl/d (thousand barrels per day), up from 808 kbbl/d a year earlier, marking the upgrader utilization soaring to 103%.
For the full year 2024, Suncor recorded an average annual production of 827 kbbl/d, marking an increase of 81 kbbl/d or 10.9% from 2023. The record yearly production surpassed the high end of its own guidance by 17 kbbl/d. The upgrader also scored an annual utilization of 98%, 6% higher than its previous best.
SU’s Downstream Performance
During the fourth quarter of 2024, the refinery throughput rose to 487 kbbl/d, up from 456 kbbl/d a year earlier. The downstream operations also marked the jump in refinery utilization to 104% from its previous 98%.
For the full year, SU recorded a refining throughput of 465 kbbl/d, marking an increase of 44 kbbl/d, or 10.5%, from 2023. The yearly throughput surpassed the high end of its guidance by 20 kbbl/day, supported by an impressive refinery utilization rate of 100%.
SU’s Support System for Exceptional Performance
Suncor’s strong operational performance in the fourth quarter and the full year of 2024 was supported by the launch of the Trans Mountain pipeline expansion, unlocking its export capacities and enabling the company to scale up output.
The company also gained support in its business areas by focusing on fundamentals like safety and operational reliability. The quality of its asset base and the dedication of its people also helped the company achieve exceptional results.
Looking Ahead to 2025
In December 2024, Suncor released its 2025 guidance in which the company had clearly stated that it intends to stay focused on growth in production and reduction in its capital expenditure. The company plans to grow its production levels by about 4% and reduce the capital expenditure by about 3% in 2025.
SU’s Zacks Rank and Key Picks
Alberta-based Suncor Energy is Canada's premier integrated energy company. The company's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining, and product marketing. Currently, SU has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like GeoPark Limited (GPRK - Free Report) ,ARC Resources Ltd. (AETUF - Free Report) and Flotek Industries, Inc. (FTK - Free Report) . While GeoPark currently sports a Zacks Rank #1 (Strong Buy), ARC Resources and Flotek Industries each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hamilton, Bermuda-based GeoPark Ltd is an explorer, operator and consolidator of oil and gas. The Zacks Consensus Estimate for GPRK’s 2024 earnings indicates 19.39% year-over-year growth.
Calgary, Canada-based ARC Resources is engaged in the exploration, acquisition and development of oil and natural gas properties. AETUF’s expected EPS (earnings per share) growth rate for next year is 50.78%, which aligns favorably with the industry growth rate of 11.60%.
Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2024 earnings indicates 125% year-over-year growth.