Shareholders of Suncor are smiling today after a strong second quarter performance by the Company. It more than tripled its profits compared to 2014 by earning 729 million this past quarter. The company earned $211 million in the same quarter last year.
Oilsands production grew by about 45,000 barrels per day to 423,800 bbl/d when compared to 2014 even in light of maintenance at Firebag.
“As a result of our continued focus on operational excellence, production at Oilsands operations increased by 45,000 bbl/d,” said Steve Williams, president and chief executive officer. “At the same time, we reduced our absolute operating costs consistent with the commitments outlined in the first quarter of this year.”
The company is cutting an additional $400 million in capital spending for 2015 as part of its cost saving measures in light of tumbling oil prices.
It reports that the Fort Hills project remains on schedule, construction is 34 per cent complete. The project should produce about 73,000 bbl/d and is expected hit first oil late in 2017.
