Suncor reports earnings of $2.95B as oil prices surge

Suncor Energy Inc. says it earned $2.95 billion in the first quarter, up from $821 million in the same period of 2021, as the war in Ukraine and energy supply fears drove oil prices higher.

The Calgary-based oil producer and refiner reported after markets closed on Monday that its net earnings amounted to $2.06 per common share, compared to 54 cents per common share in the first quarter of last year.

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Revenues were $13.5 billion, up from $8.6 billion in the prior quarter.

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Suncor reported total upstream production of 766,100 barrels of oil equivalent per day (boe/d) in the first quarter of 2022, compared to 785,900 boe/d in the prior year quarter.

READ MORE: Suncor’s safety record in spotlight as activist investor calls for change

Refinery crude throughput increased to 436,500 barrels per day and refinery utilization was 94 per cent in the first quarter of 2022, compared to 428,400 barrels per day and 92 per cent in the prior year quarter.

Also on Monday, Suncor declared a quarterly dividend of 47 cents per common share payable June 24 to shareholders of record as of June 3.

The company says the dividend is the highest in the company’s history and 12 per cent higher than the previous quarter’s dividend.