Suncor revises 2020 targets as COVID-19 continues to have an impact
Suncor released a corporate update today, including revised 2020 corporate guidance for capital, operating costs and production outlook, reflecting the significant decline in the crude oil price and uncertainty surrounding the economic impact of COVID-19.
“The simultaneous supply and demand shocks are having a significant impact on the global oil industry. We are adjusting our spending and operational plans to be prepared in the event the current business environment persists for an extended period of time,” said Mark Little, president and chief executive officer. “Our business model and financial strategy are designed to withstand volatile environments.”
A key strategy for weathering the unprecedented market challenges is remaining focused on creating maximum value from production, rather than being volume focused, adds Little.
“Suncor believes this is critical to creating long term shareholder value and that the integrated model is an important competitive advantage. With growing global oil inventories, Suncor’s ability to upgrade, refine, and sell production to consumers through its retail network will continue to generate significant value.”