Suncor Energy Reports Fourth Quarter 2023 Results

Fourth Quarter Highlights

• Adjusted funds from operations of $4.0 billion, including a one-time tax benefit of $880 million.
• Returned $1.1 billion to shareholders; $704 million in dividends and $375 million in share repurchases.
• Total upstream production of 808,100 barrels of oil equivalent (boe/d); second highest quarter in company history.
• Best-ever Oil Sands production of 757,400 barrels per day (bbls/d) with upgrader utilization over 100% outside maintenance period.
• Strong downstream performance with refining throughput of 455,900 bbls/d and utilization at 98%.
• Quarterly dividend per share increased by approximately 5% to $0.545 per share.

“Our fourth quarter performance can be characterized as finishing the year strong, delivering on commitments, and building momentum coming into 2024,” said Rich Kruger, Suncor’s President and Chief Executive Officer. “Most importantly, the quarter was the safest quarter of the year in what resulted in our safest year ever. In addition, upstream reliability across our operations was at or near record highs, achieving the second highest quarterly total production in the company’s history and the highest quarterly Oil Sands production. Downstream performance was equally strong with refining utilization in the quarter at 98%. Looking ahead, we will continue our intense focus on safety, operational excellence, reliability and profitably to further improve performance and add value for our shareholders.”

Annual 2023 Highlights

• Best overall employee and contractor safety performance in the company’s history.
• Adjusted funds from operations of $13.3 billion; second highest in the company’s history.
• Returned $5.0 billion to shareholders; $2.8 billion in dividends and $2.2 billion in share repurchases.
• Total upstream production of 745,700 boe/d; second highest in the company’s history.
• Record Oil Sands performance of 689,600 bbls/d, including best-ever at Syncrude and Firebag.
• Best-ever combined upgrader utilization of 92%, 3% better than previous high.
• Solid downstream performance with refinery utilization of 90%, including 99% in the second half.
• Acquired remaining 45.89% interest in Fort Hills for $2.2 billion, completed asset sales with proceeds of $1.8 billion.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198800