Aug 7 (Reuters) - Canada's Suncor Energy ( SU ) could

exceed its 2024 guidance on oil production and refinery

throughput, the company said on Wednesday after reporting

better-than-expected second quarter profits.

Calgary-based Suncor is Canada's second-largest oil producer

with most of its production in northern Alberta's oil sands

region.

CEO Rich Kruger has been working to cut costs and improve

operations after taking over in April 2023 following a series of

worker fatalities on oil sands sites and share price

underperformance.

On Tuesday, Suncor reported adjusted profit of C$1.27 per

share for the second quarter, compared with analysts' average

estimate of C$1.08, according to LSEG data.

So far Suncor is tracking above the high end of its

forecasts for 2024 oil production, refining throughout and

refined product sales, Kruger told analysts on an earnings call.

Suncor had said it expects to produce 770,000-810,000 barrels

per day (bpd) of oil this year.

"The sun is shining on this company and we plan to make hay

in the second half of the year," Kruger said, adding that the

company was focused on cutting costs and improving operational

efficiency, particularly on maintenance turnarounds.

Every segment of Suncor's business operated at lower

absolute costs in the first half of 2024 versus the same period

last year, Kruger said.

Suncor shares were last up 6.3% on the Toronto Stock

Exchange at C$54.19.

The quarter marks the third consecutive data point in

tracking Suncor's goals of improved reliability and competitive

operating costs, BMO analyst Randy Ollenberger said in a note to

clients.

"That said, the second half of the year may be a little

bumpy as Suncor progresses with the Fort Hills mine pit

transition and further Base Plant maintenance," Ollenberger

added.

Production at the 165,000-bpd Fort Hills oil sands mine is

expected to be lower in the second half of 2024 as the company

focuses on opening up another pit, Suncor Chief Financial

Officer Kris Smith said.

The 350,000-bpd Base Plant will undergo maintenance that is

expected to cut production by 25,000 bpd and 20,000 bpd in the

third and fourth quarters respectively, according to company

guidance.