Suncor Energy Stock Rises Pre-Market On Record Operational Results: Retail Sentiment Brightens
By Stocktwits Inc | First Published Jan 7, 2025, 6:03 PM ISTSuncor Energy’s upstream business saw record quarterly production of 874,000 barrels/day (bbls/day) during the fourth quarter, up 66,000 bbls/d from the same quarter a year ago.
NYSE-listed shares of Canadian integrated energy firm Suncor Energy Inc (SU) traded nearly 15% higher in Tuesday’s pre-market session after the company announced record quarterly and full-year operational results.
Suncor Energy’s upstream business posted record quarterly production of 874,000 barrels/day (bbls/d) during the fourth quarter, up 66,000 bbls/d from the same quarter a year ago. The firm’s annual production rose by 81,000 bbls/d year-over-year (YoY) to 827,000 bbls/d in 2024. This stood 17,000 bbls/d above the high-end of its guidance.
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The company’s downstream business also witnessed record numbers, with quarterly refining throughput of 487,000 bbls/d, up 31,000 bbls/d YoY. Annual refining throughput also hit a record high of 465,000 bbls/d, up 44,000 bbls/d YoY.
Suncor also announced its highest-ever annual refining utilization at 100%, 5% higher than its previous best.
CEO Rich Kruger said the firm's strong operational performance supported its financial performance, enabling it to achieve the $8 billion net debt target nine months ahead of the projection outlined in the May 2024 three-year plan.
Following the disclosures, retail sentiment on Stocktwits jumped into the ‘bullish’ territory (65/100) from ‘neutral’ a week ago. The move was accompanied by high message volumes.
Last month, Suncor Energy released its 2025 corporate guidance and said it expects to grow annual upstream production to 810,000 to 840,000 bbls/d and sees increased annual refining utilization of 93% to 97%.
The company’s significant economic investments for 2025 include replacing the Upgrader 1 coke drums at the Base Plant, developing the Mildred Lake West Mine Extension and West White Rose projects, and executing the Petro-Canada retail network improvement plan.
Last week, Wolfe Research raised the firm's price target on Suncor Energy to C$71 from C$67 while keeping an ‘Outperform’ rating on the shares.
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