Suncor Energy Inc. says it earned $818 million in the fourth quarter of 2024, down from $2.82 billion a year earlier, as it saw upstream production rise.
The Calgary-based oil giant says the earnings worked out to 65 cents per common share, down from $2.18 during the same quarter last year.
Adjusted operating earnings were $1.57 billion, down from $1.64 billion a year earlier.
Suncor says the lower adjusted operating earnings were primarily due to lower refined product realizations, increased royalties due to higher heavy crude price realizations, and other factors.
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Suncor says its upstream production for the quarter totalled approximately 875,000 barrels of oil equivalent per day, up from approximately 808,100 barrels per day in the prior year’s quarter.
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The company says its refinery crude throughput increased to 486,200 barrels per day and its refinery utilization was 104 per cent, compared with 455,900 barrels per day and 98 per cent a year earlier.
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