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Suncor achieves 2023 upstream production guidance sending shares higher

Published 2024-01-04, 06:48 a/m
© Reuters.  Suncor achieves 2023 upstream production guidance sending shares higher
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Proactive Investors - Suncor Energy Inc. (TSX:TSX:SU) shares moved higher in premarket trade after the Alberta, Calgary-based energy company revealed that it achieved its second-highest quarter of production for the fourth quarter of 2023.

Upstream production was 808,000 barrels per day (bbls/d) for the quarter.

Annual average upstream production was 746,000 bbls/d, in line with the company’s production guidance in November 2022.

“Not only did we meet the annual production guidance set a year ago, but December was also Suncor's best month ever with upstream production averaging over 900,000 bbls/d," Suncor CEO Rich Kruger said in a statement.

"This is a tangible example that when we set a commitment, we will be laser-focused on meeting it."

Suncor shares were up 0.7% at US$34.20 before Thursday’s opening bell after adding 5.8% at Wednesday’s close.

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