Canada’s Suncor posts Q2 profit as oil prices rebound from COVID-19 lows

Click to play video: 'Will higher oil prices help Alberta’s budget?'
Will higher oil prices help Alberta’s budget?
WATCH: Will higher oil prices help Alberta’s budget? – Jun 24, 2021

Oil producer Suncor Energy Inc posted a second-quarter profit compared to a year ago loss on Wednesday, as crude prices rebounded from pandemic-driven lows.

Like many of its peers, Suncor has been generating bumper free cash flow this year thanks to higher oil prices.

The bulk of the company’s operations are in northern Alberta’s oil sands, and it is aiming to cut carbon emissions by one-third while also boosting production.

The company said its total upstream production rose to 699,700 barrels of oil equivalent per day (boepd) during the second quarter from 655,500 boepd a year earlier.

The company, Canada’s second-largest oil producer, posted net earnings of C$868 million ($693.24 million), or 58 Canadian cents per share, in the three months ended June 30, compared with a loss of C$614 million, or 40 Canadian cents per share, year earlier.

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(Reporting by Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli and Maju Samuel)

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