Suncor Energy Reports Higher 2Q Profit, Driven by Higher Prices, Margins

Dow Jones

Aug 05

Suncor Energy reported higher profit in its second quarter, driven by higher upstream prices and downstream margins.

The Canadian oilsands producer on Tuesday reported a profit of 3.73 billion Canadian dollars (US$2.65 billion), or C$3.17 a share. That compares with a profit of C$1.13 billion, or C$0.97 a share, a year earlier.

The company said its earnings were impacted by higher upstream prices and downstream margins, partially offset by an increase in tax and royalty expenses.

Adjusted funds from operations were C$5.33 billion, or C$4.52 a share. Analysts polled by FactSet expected C$4.71 billion.

The company's total upstream production was 760,900 barrels a day during the quarter, from 808,100 barrels a day a year earlier. Refining throughput rose to 470,600 barrels daily.

Chief Executive Rich Kruger said the quarter was led by its downstream business and highlighted the strength of its integrated model.

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That compares with a profit of C$1.13 billion, or C$0.97 a share, a year earlier. \n</p>\n<p>\n  The company said its earnings were impacted by higher upstream prices and downstream margins, partially offset by an increase in tax and royalty expenses. \n</p>\n<p>\n  Adjusted funds from operations were C$5.33 billion, or C$4.52 a share. Analysts polled by FactSet expected C$4.71 billion. \n</p>\n<p>\n  The company's total upstream production was 760,900 barrels a day during the quarter, from 808,100 barrels a day a year earlier. 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That compares with a profit of C$1.13 billion, or C$0.97 a share, a year earlier. \n\n\n  The company said its earnings were impacted by higher upstream prices and downstream margins, partially offset by an increase in tax and royalty expenses. \n\n\n  Adjusted funds from operations were C$5.33 billion, or C$4.52 a share. Analysts polled by FactSet expected C$4.71 billion. \n\n\n  The company's total upstream production was 760,900 barrels a day during the quarter, from 808,100 barrels a day a year earlier. Refining throughput rose to 470,600 barrels daily. \n\n\n  Chief Executive Rich Kruger said the quarter was led by its downstream business and highlighted the strength of its integrated model.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}