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.
Get weekly money news
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.
- B.C. housing minister says situation at single-tenant Granville SRO ‘not ideal’
- Fuel costs main driver of profit losses for small businesses in Atlantic Canada
- U.S. says Canada among China’s ‘biggest enablers’ in avoiding Trump tariffs
- Canadian firm got US$4M to ready rig for now-stalled Greenland drilling plan
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.
(Reporting by Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli and Maju Samuel)
Comments
Want to discuss? Please read our Commenting Policy first.