Suncor earns $1.6B in first quarter, breaks all-time oilsands production record

SUNCOR ENERGY INC (SU:CT)

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Suncor Energy Inc. says it earned $1.61 billion in the first three months of 2024, down from $2.05 billion a year earlier.

The Calgary-based energy giant says its first-quarter earnings amount to $1.25 per common share, compared with $1.54 in the first quarter of 2023.

On an adjusted basis, Suncor says its operating earnings of $1.82 billion in the first quarter of 2024 were comparable to $1.81 billion in the prior year's quarter.

The company attributed its results primarily to higher oilsands sales volumes and refinery production, partially offset by lower price realizations and increased oilsands royalties.

Suncor reported record upstream production of 835,000 barrels per day during the quarter, including all-time high oilsands production of 785,000 barrels per day.

The company says it achieved record refined product sales of 581,000 barrels per day, and saw its highest-ever first quarter refining throughput at 455,000 barrels per day with 98 per cent overall refinery utilization.

This report by The Canadian Press was first published May 7, 2024