Production, operating costs and share prices – get a look at the main indicators of our internal economic performance in Suncor’s 2016 Report on Sustainability

Take a look at Suncor’s economic performance in our 2016 Report on Sustainability

Production, operating costs and share prices – get a look at the main indicators of our internal economic performance in Suncor’s 2016 Report on Sustainability

Production, operating costs and share prices – get a look at the main indicators of our internal economic performance in Suncor’s 2016 Report on Sustainability

Suncor's Commerce City, Colorado refinery

Economic performance

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We are one of a few energy companies in Canada to operate across the value chain — from resource extraction and upgrading to midstream logistics to refining and marketing. This integrated business model, along with a strong focus on execution, continues to generate solid results.

Here is a look at the main indicators of our internal economic performance in 2015:

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Production

Total upstream production averaged 577,800 barrels of oil equivalent per day (boe/d) in 2015, compared to 534,900 boe/d in 2014. This amount reflected an increase in volumes from Oil Sands operations due to improved reliability and increased Exploration & Production volumes as a result of the ramp up of Golden Eagle.

The production of 577,800 boe/d in 2015 included 463,400 barrels per day (bbls/d) from our Oil Sands business unit and 114,400 boe/d from Exploration & Production.

Driven primarily by improved upgrading reliability and In Situ production, our Oil Sands operations increased production more than 10% in 2015, compared to 2014. In 2015, Firebag nameplate capacity increased from 180,000 bbls/d to 203,000 bbls/d as a result of cost-effective debottlenecking activities and sub-surface optimization.

A record low steam-to-oil ratio of 2.6 at Firebag was achieved for 2015, primarily due to optimized reservoir management strategies and strong infill well performance.

Please note: The production numbers cited above are from Suncor’s 2015 Annual Report. These are for upstream volumes only, and include production from non-operated assets. This differs from production numbers used in the performance data section of Suncor’s Report on Sustainability, which includes 100% of the production at Suncor-operated facilities only, and also includes downstream throughput volumes of saleable refined products. For the purposes of our Report on Sustainability, net corporate production in 2015 was approximately 48.2 million cubic metres (m3), compared to 45.4 million m3 in 2014.

Earnings

We reported net losses of $1.995 billion in 2015, compared to $2.699 billion in 2014. Operating earnings* for 2015 were $1.465 billion, compared to $4.620 billion, in 2014.

Consolidated cash flow from operations* for 2015 was $6.806 billion, compared to $9.058 billion in 2014. Cash flow from operations decreased primarily due to the decline in crude prices, partially offset by higher production volumes and lower operating costs.

Operating costs

Reducing our cash operating costs* continues to be a focus for us. We reduced annual Oil Sands operations cash operating costs per barrel from $33.80 per barrel (bbl) in 2014 to $27.85/bbl in 2015.

Share prices and dividends

Our common share price closed at $36.90 on the Toronto Stock Exchange on Dec. 31, 2015, a decrease of approximately 1% from the year before.

  • We returned $1.648 billion in dividends in 2015, an 11% increase versus 2014.
  • 2015 marked the 13th consecutive year in which Suncor’s dividend has increased.

Balance sheet and financial position

Our approach to prudent capital spending in 2015 resulted in the company finishing the year within its revised 2015 capital guidance range of $5.8 to $6.4 billion, and $1.0 billion below the low end of initial 2015 guidance. We ended the year with $4.0 billion in cash and cash equivalents.

Read more about our economic performance in our 2015 financial reports

*Non-GAAP financial measure. Please see the Advisories.