Suncor broke records for oil production in 2024, company says

The Suncor Energy Centre picture in downtown Calgary, Alta., Friday, Sept. 16, 2022. (THE CANADIAN PRESS/Jeff McIntosh)

Suncor Energy Inc. says it broke its own record for oil and gas production in 2024.

The Calgary-based energy giant says it achieved record annual production of 827,000 barrels per day, a 10.9 per cent increase from 2023 and 17,000 barrels per day above its own forecast.

The company also says it achieved record quarterly production in the fourth quarter of 2024 of 874,000 barrels per day, an increase of 66,000 barrels per day year over year.

Suncor says it also tied its own quarterly record for refining throughput in the fourth quarter of 2024, at 487,000 barrels per day.

Canadian oilsands giants benefited in 2024 from the opening of the Trans Mountain pipeline expansion, which gave the industry new export capacity and room to grow their production.

Suncor has previously said it aims to increase its oil production in 2025 by up to five per cent.

This report by The Canadian Press was first published Jan. 6, 2025.