Suncor Energy provides update on Syncrude return to service plan
CALGARY, ALBERTA--(Marketwired - April 19, 2017) - Suncor today provided an update on the Syncrude Mildred Lake Oil Sands facility following the March 14 incident.
Syncrude has developed a detailed repair schedule and return to service plan that includes the completion of a planned turnaround which Syncrude advanced in order to minimize the impact of the outage. The plant is currently operating at reduced rates and Suncor will continue to assist in inventory management.
The investigation and inspection show that damage was largely isolated to a piperack adjacent to the hydrotreater. An accelerated repair schedule has been developed to achieve restart of pipeline shipments at approximately 50% capacity in early May and production is expected to return to full rates by the end of June.
Suncor does not expect this outage to result in a change to overall production guidance for 2017 as strong production from oil sands and offshore operations is expected to offset the impact.
Legal Advisory - Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements in this news release include references to: Suncor continuing to assist in inventory management; the restart of pipeline shipments at approximately 50% capacity in early May; the expectation that production will return to full rates by the end of June; and the expectation that this outage will not result in a change to Suncor's overall production guidance for 2017 as strong production from oil sands and offshore operations is expected to offset the impact. Some of the forward-looking statements may be identified by words like "expected" and similar expressions.
Forward-looking statements are based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor's experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves and resources estimates; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost savings; applicable laws and government policies, including royalty rates and tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; the satisfaction by third parties of their obligations to Suncor; the receipt, in a timely manner, of regulatory and third-party approvals; the duration of the planned turnaround; and the timing for the resumption of pipeline shipments, the completion of repairs and the return of production to full rates.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor, including the risk that the planned turnaround duration or the timing for the resumption of pipeline shipments, the completion of repairs or the return of production to full rates may be longer than expected. Suncor's actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.
Suncor's Annual Information Form, Form 40-F and Annual Report to Shareholders, each dated March 1, 2017, and other documents it files from time to time with securities regulatory authorities describe additional risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3; by email request to firstname.lastname@example.org; by calling 1-800-558-9071; or by referring to suncor.com/FinancialReports or to the company's profile on SEDAR at sedar.com or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development and upgrading, offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is working to responsibly develop petroleum resources while also growing a renewable energy portfolio. Suncor is listed on the UN Global Compact 100 stock index and the Corporate Knights' Global 100. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
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