Suncor sees 2020 capital program C$5.4B-C$6B
Suncor released its 2020 corporate guidance which focuses on driving its C$2B of incremental free funds flow target by 2023, achieving its 2030 sustainability targets, and reflects the company's recent 800 MW cogeneration investment announcement. The capital program is expected to be between C$5.4B-C$6B with flat investment in oil related projects year over year. Upstream production is expected to be between 800,000 to 840,000 barrels of oil equivalent per day, an approximately 5% production increase compared to 2019 midpoint guidance. "During 2019, we've demonstrated the value of our asset integration and flexibility through our focus on value over volumes, optimizing our product mix and transferring production quotas among our assets. This unique competitive advantage means we're able to realize the highest value possible for our produced barrels, even during a period of production curtailment," said Mark Little, president and CEO. "Looking forward to 2020, we will continue to focus on value over volume, investing in high-return projects that are largely independent of pipeline constraints and commodity price volatility, to deliver on our C$2 billion incremental free funds flow target by 2023. These initiatives continue to position our company as financially and environmentally sustainable by driving long-term value creation, increasing shareholder returns, and lowering the carbon intensity of our production."