Despite low WCS prices,Suncor will not curtail output in 4Q

摘要

CEO Steve Williams said during the company’s 3Q earnings call on Nov.1 that Suncor Energy Inc.has no plans to reduce oilsands production in 4Q despite the current weakness in Western Canadian Select(WCS)prices.The WCS discount to WTI futures has widened from an average of $27.78/bbl in 3Q to $45.94/bbl so far in 4Q due to the lack of takeaway capacity out of Alberta.According to Mr.Williams,”The higher-cost producers are having to pull back because they’re not making any margin on their last barrel.We’re not in that circumstance.”Suncor reported record oilsands output of 476K b/d in 3Q,raising overall output in the quarter to 744K b/d,also a record.In 3Q the company obtained a realized price for its bitumen of C$64.33/bbl($49.00/bbl).