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Suncor posts gains from Canadian oil sands

Feb. 4, 2014 at 8:26 AM

CALGARY, Alberta, Feb. 4 (UPI) -- Suncor Inc., the premier developer of Canadian oil sands, said production set a record in the fourth quarter with 409,600 barrels of oil per day.

Suncor said its production from oil tar sands operations in Canada during the fourth quarter was a record 19.4 percent higher year-on-year. For all of its operations, the company said production rose to an average 558,100 barrels of oil equivalent per day during the fourth quarter, which represents less than 1 percent growth from the same quarter in 2012.

Chief Executive Officer Steve Williams in a statement Monday the company was taking advantage of the global oil market dynamics by exploiting as many transit options as possible.

"Looking ahead to 2014, we have already increased the flow of inland crude barrels to our Montreal refinery and begun shipping bitumen to the Gulf Coast to capture global pricing on nearly all of our production," he said.

Overseas, Suncor said there were performance issues that resulted from the lack of production from Libya.

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