Suncor Is Ramping Up Megaprojects
- Fort Hills and Hebron oil developments are ahead of schedule
- Producer’s fuel business helps offset crude price discounts
Photographer: Brent Lewin/Bloomberg
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Suncor Energy Inc. is barreling ahead on the ramp-ups of the Fort Hills and Hebron oil megaprojects as its refining operations protect it from the pipeline shortages and lower prices that are slamming competitors.
Canada’s largest oil producer by market value said Tuesday that Fort Hills, an oil-sands mine in Alberta, and Hebron, an offshore development along the nation’s Atlantic coast, are both ahead of schedule. The progress helped Suncor post output of 689,400 barrels of oil equivalent a day last quarter, topping analysts’ 685,630-barrel average estimate.