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.
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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.
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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)
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