Suncor's Record-Breaking 2024: A Year of Operational Excellence

Suncor Energy (TSX: SU) (NYSE: SU), Canada's leading integrated energy company, has reported record-breaking operational results for the fourth quarter and full year of 2024. The company achieved exceptional performance across its upstream and downstream segments, setting new benchmarks for production, refining throughput, and utilization rates.

Suncor's upstream segment achieved record quarterly production of 874,000 barrels per day (bbls/d) in Q4 2024, up by 66,000 bbls/d from the same quarter a year earlier. This quarterly output surpassed the previous high of 850,000 bbls/d set in Q2 2024. The company's annual production averaged 827,000 bbls/d in 2024, up by 10.9% compared to 2023 and exceeding the high-end of guidance by 17,000 bbls/d. This exceptional performance was driven by record quarterly upgrader utilization of 103%, with both Syncrude and Base Plant exceeding 100%. The company also achieved record annual upgrader utilization of 98%, 6% higher than the previous best.

Suncor's downstream operations also excelled, with record quarterly refining throughput of 487,000 bbls/d and record annual throughput of 465,000 bbls/d. The company surpassed its guidance by 20,000 bbls/d in both quarters. Suncor's quarterly refining utilization stood at 104%, with all four refineries exceeding 100%. The company achieved record annual refining utilization of 100%, 5% higher than the previous best, and record annual utilization of 105% and 98% at Edmonton and Montreal, respectively.

Suncor's exceptional operational performance in 2024 was supported by an ongoing focus on safety and operational reliability, as well as the expertise and dedication of its people and the quality of its overall asset base. The company's strong operational performance also supported its strong financial performance, enabling it to achieve its $8 billion net debt target nine months ahead of schedule from its May 2024 three-year plan.

In conclusion, Suncor Energy's record-breaking operational performance in 2024 demonstrates the company's exceptional asset management and technical capabilities. The company's focus on safety, operational reliability, and disciplined capital allocation has led to record-breaking production, refining throughput, and utilization rates. Suncor's early achievement of its net debt reduction target further enhances its financial flexibility and potential for increased shareholder returns. As the company continues to optimize its asset management and technical capabilities, investors can expect Suncor to maintain its strong operational performance and deliver value for shareholders in 2025 and beyond.