Suncor Reports $ 821 Million First Quarter Profit on Higher Production, Stronger Oil Prices

Suncor Energy Inc. is reporting positive first quarter net earnings on higher production, lower costs, and stronger oil and gas prices, a larger net loss from the same period last year.

The Calgary-based oil producer and refiner says it had net earnings of $ 821 million, or 54 cents per share, compared to a net loss of $ 3.5 billion or $ 2.31 per share in the first three months of 2021.

Analysts were expecting Suncor to report first-quarter earnings of $ 232 million, or 15 cents per share, according to data firm Refinitive.

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In the first quarter of 2020, Suncor had $ 1.8 billion of non-cash after tax-asset impairment charges and $ 1 billion of unrealized loss of foreign currency on revaluation debt of U.S. dollars. Its latest earnings include an undisclosed-after-tax foreign exchange profit of $ 181 million on revaluation of debt and a post-tax restructuring fee of $ 126 million.

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Suncor says total production rose to 785,900 barrels of oil per day in the most recent quarter, compared to 739,800 sows / d in the same quarter of 2020, with the top utilization in its oil mines producing an average of 97 percent and bitumen produced from wells . Record level of 170,700 barrels per day.

Refinery crude throughput was 428,400 bpd as refinery utilization reached 92 percent in the first quarter, while throughput of 439,500 bpd and 95 percent in the prior year quarter.

Click to play video: 'Suncor Energy says it will cut its workforce by 10 to 15 percent in the next 18 months'

Suncor Energy says it will cut its workforce by 10 to 15 percent in the next 18 months

Suncor Energy says it will cut its workforce by 10 to 15 percent in the next 18 months

“In the first quarter of 2021 we demonstrated our continued commitment to operational excellence through a combined uplift utilization of 97%, a record in situ production and an improvement in cost performance upstream,” CEO Mark Lytle said in a news release.

“In our downstream business, we leverage our marketing and logistics network and optimize our inventory levels before our spring (maintenance) turnovers, achieving average refinery utilization rates of 92 percent and strong financial results in the quarter Giving helped. “

© 2021 Canadian Press


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