Suncor Energy Announces 2017 Capital Spending Program - Quick Facts

(RTTNews) - Suncor Energy (SU.TO, SU) announced 2017 capital spending program of between C$4.8 billion and C$5.2 billion, the midpoint of which represent a year over year reduction of approximately C$1 billion. Approximately 40 percent of the 2017 capital spending program is allocated towards upstream growth projects, including Fort Hills and Hebron, which are both expected to achieve first oil by the end of 2017. The remaining 60 percent is directed to sustaining capital in the upstream, downstream and corporate segments.

Steve Williams, CEO, said: "Through our 2017 capital spending program, we've earmarked the capital required to bring two major growth projects, Fort Hills and Hebron, to completion while at the same time investing in our existing assets to ensure continued safe, reliable and efficient operations. We will maintain the unwavering focus on cost management, which has helped us to generate strong cash flow throughout these past two years of low oil prices."

Suncor Energy expects 2017 average production of 680,000 to 720,000 barrels of oil equivalent per day (boe/d), the midpoint of which represent a year over year increase to production of more than 13 percent.