CALGARY—Suncor Energy Inc. says production is expected to increase next year, but the company plans to reduce its capital spending.
The energy company says average production for 2017 is expected to be between 680,000 to 720,000 barrels of oil equivalent per day.
Capital spending is budgeted for between $4.8 billion and $5.2 billion.
Suncor says the midpoints of these ranges represent a year-over-year increase to production of more than 13 per cent and a reduction to capital spending of approximately $1 billion.
Approximately 40 per cent of the 2017 capital spending plan will be spent on upstream growth projects, including Fort Hills and Hebron.
The remaining 60 per cent will go toward sustaining capital in the upstream, downstream and corporate segments.