FOR: SUNCOR ENERGY INC.
TSX SYMBOL: SU
NYSE SYMBOL: SU
Date issue: June 13, 2017
Time in: 9:10 PM e
CALGARY, ALBERTA--(Marketwired - June 13, 2017) - Suncor today provided an update on the Syncrude Mildred Lake Oil Sands facility following the March 14 incident.
Repairs are progressing as planned and the maintenance work scheduled for the fall has been added to the plan, extending the timing of full ramp up to mid-July. Shipments have been reduced to approximately 130 kbpd (gross) in order to complete the accelerated maintenance and are expected to ramp up as additional units complete turnaround activities.
The cause of the incident was a split in a 6-inch carbon steel line on a naphtha hydrotreater recycle circuit. Damage was largely isolated to a piperack adjacent to the hydrotreater, containing piping, cables, and electrical circuits.
The maintenance brought forward was included in Syncrude's 2017 production plan, and there is no change to Suncor's overall production guidance for 2017.
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: the timing of full ramp up; and the expectation that shipments will ramp up as additional units complete turnaround activities. 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 turnaround activities and repairs; and the timing for the ramp up of shipments.
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 duration of turnaround activities and repairs or the timing for the ramp up of shipments 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 Management's Discussion and Analysis dated April 26, 2017 and its 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 [email protected]; 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.
For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @SuncorEnergy or together.suncor.com
- END RELEASE - 13/06/2017
FOR: SUNCOR ENERGY INC.
TSX SYMBOL: SU
NYSE SYMBOL: SU
INDUSTRY: Energy and Utilities - Oil and Gas
RELEASE ID: 20170613CC0097
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