Higher prices and volumes credited as Suncor Energy beats estimates with a $1.47B profit

Suncor Energy Inc. is reporting first-quarter net income that beat analyst expectations thanks to higher oil prices, record downstream results, more oilsands production and a $264-million insurance gain on its assets in Libya.

The Calgary-based oilsands producer and refining giant says it had net earnings of $1.47 billion or 93 cents per share in the three months ended March 31, up from $789 million or 48 cents in the same period of 2018.

READ MORE: Suncor calls for early end to Alberta oil production cuts, cites crude-by-rail woes

That’s well ahead of analyst forecasts of $709 million or 53 cents per share, according to Thomson Reuters Eikon.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Suncor’s operating profit came to $1.2 billion, compared with $985 million in the first quarter of 2018.

The company reported average realized prices of $62.92 per barrel at its newly expanded Fort Hills oilsands mine, up from $30.57 in the fourth quarter of 2018, as steep discounts on western Canadian oil prices eased following the Alberta government’s imposition of crude production curtailments as of Jan. 1.

READ MORE: Suncor Energy reports production hits quarterly record in fourth quarter

Watch below: Some recent videos from Global News’ coverage of Canada’s oil industry.

1:39 Alberta-based oil and gas company cites gas prices, tax bills, court decision as it shuts down

• Alberta-based oil and gas company cites gas prices, tax bills, court decision as it shuts down
• Public hearing over Bill C-48 held in Regina
• Trudeau denies he’s punishing Jason Kenney on Alberta oil with further reviews on projects
• UCP promise oil industry help but uncertainty remains
• Economic analyst says Alberta needs a ‘firehose’ to get oil to Asia markets
• Drayton Valley rally for energy sector ahead of election

Previous Video

Next Video

Despite the program, it noted total oilsands production of 657,000 barrels per day, compared to 572,000 bpd a year earlier, thanks to gains at Fort Hills and higher contributions from Syncrude, in which it has a 58.7 per cent stake.

The company says refining and marketing delivered record operating earnings of $1 billion, up from $789 million in the first quarter of 2018.