The Calgary-based company increased upstream production to 874,000bpd, up from 808,000bpd in the same quarter last year. Credit: JHVEPhoto/Shutterstock.

Suncor, the Canadian oil and gas company, experienced increased upstream production and higher refinery throughput in the fourth quarter of 2024 (Q4 2024).

The company, headquartered in Calgary, Alberta, reported an increase in upstream production to 827,000bpd during the quarter, up from 808,000bpd in the corresponding quarter of the previous year.

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Furthermore, Suncor’s annual production reached 827,000bpd, an increase of 10.9% from 2023.

The company also noted an uptick in refinery throughput, which went up by 31,000bpd, reaching 487,000bpd.

This was accompanied by a notable surge in refinery utilisation, which reached 104%, a substantial increase from 98% in the same period last year.

Suncor president and CEO Rich Kruger said: “Suncor’s exceptionally strong operational performance in both the 4th quarter and full year of 2024, across all of our businesses, was supported by an ongoing focus on the fundamentals, including safety and operational reliability.

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“Our strong operational performance also supported strong financial performance, including enabling us to achieve our $8bn net debt target nine months ahead of the projection outlined in our May 2024 three-year plan.

“We are committed to maintaining this level of focus and results orientation to continue delivering value for our shareholders in 2025 and beyond.”

Last month, the Canadian producer projected higher oil and gas production and reduced spending in 2025, anticipating benefits from the increased export capacity following the Trans Mountain Pipeline expansion that began last year.

Last year, Suncor Energy faced a $10.5m (C$15.03m) fine by Colorado’s Department of Public Health and Environment for air pollution violations at its Commerce City refinery, including exceeding limits for sulphur dioxide, carbon monoxide and nitrogen oxides emissions.