Suncor Energy press release (SU): Q2 Non-GAAP EPS of $2.71.Suncor's total upstream production was 720,200 barrels of oil equivalent per day (boe/d) in the second quarter of 2022,...
- Suncor Energy press release (NYSE:SU): Q2 Non-GAAP EPS of $2.71.
- Suncor's total upstream production was 720,200 barrels of oil equivalent per day (boe/d) in the second quarter of 2022, compared to 699,700 boe/d in the prior year quarter.
- The company's net synthetic crude oil production increased to 483,000 bbls/d in the second quarter of 2022, compared to 437,200 bbls/d in the second quarter of 2021.
- Refinery crude throughput increased to 389,300 bbls/d and refinery utilization was 84% in the second quarter of 2022, compared to 325,300 bbls/d and 70% in the prior year quarter.
- Suncor has updated its full-year business environment outlook assumptions for WCS at Hardisty from US$84.00/bbl to US$80.00/bbl, New York Harbor 2-1-1 crack from US$38.00/bbl to US$41.50/bbl and AECO-C Spot from $6.10/GJ to $5.90/GJ due to changes in key forward curve pricing for the remainder of the year.
- In addition, the company's total production range has been revised from 750,000 bbls/d - 790,000 bbls/d to 740,000 bbls/d - 760,000 bbls/d to reflect year to date performance and expected performance for the remainder of the year. As a result, the top of the production ranges for Oil Sands operations have been revised from 435,000 bbls/d to 415,000 bbls/d, Fort Hills from 100,000 bbls/d to 90,000 bbls/d, Syncrude from 190,000 bbls/d to 185,000 bbls/d and E&P from 85,000 bbls/d to 80,000 bbls/d.
- The company has also revised its full year outlook for capital expenditures from a single point estimate of $4.7 billion to a range of $4.9 billion - $5.2 billion.
- As a result, Fort Hills cash operating costs per barrel have been updated from $25.00 - $28.00 to $27.00 - $30.00.
As a result of these updates, the full-year current income tax expense range has increased from $4.0 billion - $4.3 billion to $4.4 billion - $4.7 billion.
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