Suncor Energy’s 2018 capital spending plan set at nearly $5 billion
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CALGARY, AB – Suncor Energy Inc. says it will spend between $4.5 billion and $5 billion in 2018 to deliver average upstream production of about 760,000 barrels of oil equivalent per day.
The midpoint in spending guidance represents a decline of about $750 million from the 2017 budget, and is largely in line with analyst expectations.
The Calgary-based company is Canada’s largest energy firm by market capitalization. The company says its spending next year will largely be focused on sustaining operations given major planned maintenance projects in oilsands, and upgrading operations at the Edmonton refinery.
Suncor CEO Steve Williams says the company will be in a position to return cash to shareholders through dividends and share buybacks next year, as production rises from its new Fort Hills oilsands mine and Hebron oilfield project.
