Suncor Energy Inc. announced plans to boost oil output by up to five percent in 2025, targeting a production range of 810,000 to 840,000 barrels per day.
The company’s capital expenditure budget for 2025 is set to decrease, indicating a strategic move to improve financial performance while managing operational costs effectively.
Under CEO Rich Kruger’s leadership, Suncor is addressing past operational challenges and prioritizing safety, while benefiting from increased export capacity from the Trans Mountain pipeline expansion.
Overall, Canadian oil production reached a record 5.1 million barrels per day in 2023, with several producers planning growth for 2025 amidst favorable conditions.
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