With a vow to focus on efficiency, Suncor Energy Inc. set 2022 performance targets of 5% production growth while cutting capital expenditures by 6%.

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The 2022 corporate budget aims for combined oil and natural gas output of 750,000-790,000 boe/d. Spending goes down by C$300 million ($240 million) to C$4.7 billion ($3.76 billion).

“We enter 2022 with strong momentum and remain steadfast in our focus on operational excellence, capital and cost discipline, increasing shareholder returns and delivering a more resilient future,” said Suncor President Mark Little.

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The northern Alberta oilsands continue to dominate Suncor operations, with the Calgary firm setting a 2022 annual average oil production target of 395,000-435,000 b/d.

Oilsands operating costs are forecast to average C$25-28/bbl ($20-22.40), including purchases of natural gas for thermal extraction processes.

Suncor described its pared down 2022 spending plans as “enabled by efficiencies across the business.”

Oilsands plant maintenance and mine tailings pond clean ups, forecast to cost C$3.2-3.4 billion ($2.56-2.72 billion), top the budget. An additional C$2.1 billion ($1.68 billion) is earmarked for power projects, bitumen extraction wells and a life extension project for the Terra Nova production platform offshore of Newfoundland.

The 2022 performance targets rely on annual average prices of US$70/bbl for West Texas Intermediate light oil, US$55/bbl for Western Canada Select heavy oil, and C$3.80/gigajoule ($3.20/MMBtu) for Canada natural gas.