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BRIEF-Teck updates Fort Hills guidance
February 9, 2017 / 1:57 AM / 10 months ago

BRIEF-Teck updates Fort Hills guidance

Feb 8 (Reuters) - Teck Resources Ltd

* Teck updates Fort Hills guidance

* Teck Resources- Suncor provided an update regarding its recently completed review of schedule, project costs and throughput

* Teck-Suncor advises that review, at this stage of project development, provides high degree of confidence on schedule and project costs to completion

* Teck Resources - Project remains on track to produce first oil in late 2017

* Teck Resources - Revised total project capital forecast is approximately 10% above project sanction estimate, excluding foreign exchange impacts

* Teck-Co’s share of project capital costs until completion as of dec 31, 2016, now expected to be $805 million, of which about $640 million to be spent in 2017

* Teck-Due to increase in capital cost, teck will record an after-tax impairment charge of $164 million in its q4 results

* Teck Resources - Oil production from first of three secondary extraction units is still expected by end of 2017

* Teck Resources - Suncor is also exploring opportunity to reduce ramp-up period

* Teck Resources - Suncor has announced an 8% increase in nameplate capacity to 194,000 barrels per day

* Teck Resources - Co anticipates an average production rate of 186,000 barrels per day over life of project

* Teck - Impacts of 2016 Fort Mcmurray wildfire as well as productivity challenges caused increase in capital cost estimate for secondary extraction facility

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