Suncor Energy reports record-breaking oil production in 2024, exceeding forecasts and driven by strong demand and improved market access.
Canada ’s Suncor Energy reported record-high oil production in 2024, surpassing the upper range of its own projections, driven by increased demand and improved market access . The company’s annual production averaged 827,000 barrels per day (bpd) in 2024, marking a 10.9% increase compared to 2023. This exceeded its high-end guidance by 17,000 bpd.
Record-breaking quarterly oil production was also achieved in Q4 at 874,000 bpd, representing a 66,000 bpd surge from the same quarter in the previous year. Suncor’s upgrader utilization rate reached 103% in the quarter, with both Syncrude and Base Plant exceeding 100%. Other noteworthy records set by Suncor in Q4 and 2024 include record-high annual upgrader utilization at 98%, a 6% improvement over the previous best, and a record annual refining throughput of 465,000 bpd, a 10.5% jump from 2023 and surpassing the high-end guidance by 20,000 bpd. Suncor also reported record annual refining utilization at 100%, with Edmonton and Montreal reaching record-high annual utilization rates of 105% and 98%, respectively. The completion of the Trans Mountain Expansion Project in 2024 facilitated increased market access for Canadian oil producers, while robust fuel demand in North America during the peak driving season contributed to the success of integrated firms’ refining operations. Gasoline and jet fuel demand in the United States, a crucial market for Canadian crude producers and refiners, reached its highest point since summer 2019 during the peak summer months. In its 2025 guidance, Suncor stated its intention to elevate annual upstream production to a range of 810,000 to 840,000 bpd and increase annual refining utilization from 93% to 97%. This ambitious target reflects the company’s confidence in sustaining the high performance achieved throughout 2024
CANADA SUNCOR ENERGY OIL PRODUCTION RECORD PRODUCTION DEMAND MARKET ACCESS TRANS MOUNTAIN EXPANSION PROJECT REFINING
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