Canada’s Suncor Energy on Tuesday beat analysts’ estimates for second-quarter adjusted profit, helped by higher crude price realizations and stronger refining margins.
Oil prices, boosted by the Iran war, have strengthened earnings prospects for Suncor and its oil sands peers, with Brent’s climb toward US$100 a barrel reinforcing Canada’s pitch as a safer, chokepoint-free alternative to Gulf crude.
Get weekly money news
Suncor’s refinery crude oil throughput rose to a second-quarter record of 470,600 barrels per day from 442,300 barrels per day, while its refinery utilization increased to 92 per cent from 87 per cent.
However, its total upstream production fell to 760,900 barrels per day from 808,100, partly due to a planned Firebag turnaround.
The Calgary, Alberta-based company posted adjusted operating earnings of C$3.23 per share for the quarter ended June 30, above analysts’ average estimate of C$3.07 per share, according to data compiled by LSEG.
(US$1 = 1.4025 Canadian dollars)
Comments
Want to discuss? Please read our Commenting Policy first.