Suncor Energy Inc. is aiming to increase its oil output next year by up to five per cent, as it continues to work to improve its performance and lower costs from its oilsands assets.
In its corporate guidance for 2025, released Thursday, the Calgary-based energy giant said it plans to grow its total oil and gas production to between 810,000 and 840,000 barrels per day next year, up from its 2024 estimated range of 770,000 to 810,000 barrels per day.
The company said its capital expenditure budget for 2025 is between $6.1 billion and $6.3 billion, down from between $6.3 and $6.5 billion in 2024.
Suncor’s financial performance has been improving under the leadership of CEO Rich Kruger, who was hired in 2023 to turn the company’s fortunes around after a spate of operational challenges …