Suncor Energy Inc. (TSX:SU) shares moved higher in premarket trade after the Alberta, Calgary-based energy company revealed that it achieved its second-highest quarter of production for the fourth quarter of 2023.
Upstream production was 808,000 barrels per day (bbls/d) for the quarter.
Annual average upstream production was 746,000 bbls/d, in line with the company’s production guidance in November 2022.
“Not only did we meet the annual production guidance set a year ago, but December was also Suncor's best month ever with upstream production averaging over 900,000 bbls/d," Suncor CEO Rich Kruger said in a statement.
"This is a tangible example that when we set a commitment, we will be laser-focused on meeting it."
Suncor shares were up 0.7% at US$34.20 before Thursday’s opening bell after adding 5.8% at Wednesday’s close.