November 16, 2017 / 11:55 AM / 9 months ago

BUZZ-Suncor sees higher output, lower capex; analysts raise PTs

** Suncor Energy forecasts lower capital spending and higher production for 2018, following the footsteps of Canadian oilsands rival Canadian Natural Resources

** At least two brokerages raise PTs on SU; RBC to C$48 from C$47, CIBC to C$55 from C$53; median PT C$48

** With C$1.2 bln earmarked for upstream growth, SU’s 2018 budget is largely focused on sustaining capital- RBC Capital Markets

** Suncor expects to spend C$4.5 bln-C$5.0 billion ($3.92 billion) next year, C$750 mln lower than 2017; pegs production at 740,000-780,000 barrels of oil equivalent per day (boed), a 10 pct jump

** Calgary-based CNQ too lowered its 2018 spending plan while boosting production by 17 pct last week;

** CNQ up ~4 pct, SU up ~3 pct this year, while the benchmark Brent crude is up 8.7 pct ($1 = 1.2762 Canadian dollars)

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