Suncor Energy’s quarterly profit jumps fourfold as crude prices soar
2022.08.05 04:02
FILE PHOTO – Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021. REUTERS/Todd Korol
(Reuters) -Suncor Energy Inc posted an over fourfold rise in its second-quarter profit on Thursday, as Canada’s third-largest crude oil producer benefited from a rally in commodity prices.
Sanctions against major oil producer Russia have worsened supply issues, sending global crude prices up nearly 48% in the first half of the year as energy companies are yet to boost production to meet soaring fuel demand.
Suncor said its total upstream production stood at 720,200 barrels of oil equivalent per day (boepd), compared with 699,700 boepd year earlier.
The company’s refinery crude throughput rose nearly 20% to 389,300 barrels per day while the refinery utilization in the quarter was 84%, compared with 70% in the prior year.
The company reported net earnings of C$3.996 billion ($3.11 billion), or C$2.84 per share, for the three-month period ended June 30, compared with C$868 million, or 58 Canadian cents, a year earlier.
($1 = 1.2867 Canadian dollars)
