Suncor Energy Inc. (SU)

[Timothy Smith]

Suncor reported September oil sands production of 365mbbl/d. This is down 15.7% over August levels, and down 2.1% YoY.

Production levels were affected by planned maintenance on U2 upgrader units, which took place through most of the month.

I consider this to be a solid result, as we had expected maintenance to play a bigger part in September production. YTD production has averaged 344mbbl/d, while 2013 oil sands production guidance is 350-380mbbl/d.

Suncor only has to produce at an average rate of 370mbbl/d through 4Q13 to make the low end of guidance, which we see as very achievable given increasing volumes from Firebag 4.