Suncor Energy Inc. SU, a leading integrated energy company, recently announced the operational performance update for the fourth quarter and full-year 2024. The company recorded an unprecedented performance in upstream and downstream businesses in 2024, setting records in oil production and refining throughput.

SU’s Upstream Performance

In the fourth quarter alone, Suncor’s upstream production soared to 874 kbbl/d (thousand barrels per day), up from 808 kbbl/d a year earlier, marking the upgrader utilization soaring to 103%.

For the full year 2024, Suncor recorded an average annual production of 827 kbbl/d, marking an increase of 81 kbbl/d or 10.9% from 2023. The record yearly production surpassed the high end of its own guidance by 17 kbbl/d. The upgrader also scored an annual utilization of 98%, 6% higher than its previous best.

SU’s Downstream Performance

During the fourth quarter of 2024, the refinery throughput rose to 487 kbbl/d, up from 456 kbbl/d a year earlier. The downstream operations also marked the jump in refinery utilization to 104% from its previous 98%.

For the full year, SU recorded a refining throughput of 465 kbbl/d, marking an increase of 44 kbbl/d, or 10.5%, from 2023. The yearly throughput surpassed the high end of its guidance by 20 kbbl/day, supported by an impressive refinery utilization rate of 100%.

SU’s Support System for Exceptional Performance

Suncor’s strong operational performance in the fourth quarter and the full year of 2024 was supported by the launch of the Trans Mountain pipeline expansion, unlocking its export capacities and enabling the company to scale up output.

The company also gained support in its business areas by focusing on fundamentals like safety and operational reliability. The quality of its asset base and the dedication of its people also helped the company achieve exceptional results.

Looking Ahead to 2025

In December 2024, Suncor released its 2025 guidance in which the company had clearly stated that it intends to stay focused on growth in production and reduction in its capital expenditure. The company plans to grow its production levels by about 4% and reduce the capital expenditure by about 3% in 2025.

SU’s Zacks Rank and Key Picks

Alberta-based Suncor Energy is Canada's premier integrated energy company. The company's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining, and product marketing. Currently, SU has a Zacks Rank #3 (Hold).