Canadian major Suncor Energy set a new record for oil production last month, by surpassing the 900,000-barrel-per-day mark.

Since Rich Kruger was appointed chief executive last year, he has focused on improving production by boosting facility efficiencies at the Suncor’s oil sands assets in Alberta which generate the bulk of the company’s production.

Suncor reported that in the fourth quarter of 2023, production averaged 808,000 bpd, the second best quarter in its history, a performance that helped annual average production hit 746,000 bpd, within its corporate guidance.

“Not only did we meet the annual production guidance set a year ago,” said Kruger yesterday, “but December was also Suncor’s best month ever with upstream production averaging over 900,000 bpd.”

Net fourth-quarter figures for the company’s synthetic crude oil and non-upgraded bitumen production were 476,000 bpd and 282,000 bpd, respectively, resulting in total oil sands production of 758,000 bpd.

Suncor hit 808,000 bpd by bringing back on stream its Terra Nova oilfield offshore Newfoundland & Labrador where output averaged 50,000 bpd in the quarter.

Investors liked these figures which resulted in Suncor’s stock price closing 6% higher at C$45.34 (US$34.00) in Toronto at the close of play yesterday.

In the oil sands arena, the Firebag asset hit record output level of 217,000 bpd for 2023, while Fort Hills produced a record 186,000 bpd for in the fourth quarter

Syncrude production also established a new annual record, averaging 323,000 bpd last year.

“In 2023, our heightened focus on the fundamentals of safety, operational excellence, and reliability resulted in increasingly strong operational performance throughout the year,” added Kruger.