Suncor Energy swings to $868M profit in second quarter on increased output
Suncor Energy Inc. swung to an $868-million profit in its latest quarter on increased oil output a year after COVID-19 prompted an unprecedented decline in transportation fuel demand.
The Calgary-based oilsands producer and refiner reported as markets closed on Wednesday that it earned 58 cents per share, up from a loss of 40 cents per share or $614 million a year earlier.
Its operating earnings excluding some one-time items was $722 million or 48 cents per share, one cent per share below forecasts by financial data firm Refinitiv.
That compared with a loss of $1.35 billion or 88 cents per share in the second quarter of 2020.
Suncor's total upstream production over the three months ended June 30 increased to 699,700 barrels of oil equivalent per day, compared with 655,600 boe/d in the prior year quarter due to strong oilsands production partially offset by planned maintenance at Syncrude.
Net synthetic crude oil production increased to 437,200 barrels per day, up from 436,600 bbls/d a year earlier as upgrader utilization increased three percentage points to 96 per cent.
“In the first half of 2021, we achieved strong oilsands Base mining and upgrading production and consecutive quarterly production records at In Situ leading to the best start to the year in the company's history at oilsands operations,” stated CEO Mark Little.
“During the quarter we completed significant turnaround activities at Syncrude and across all our refineries. Following the quarter, we've ramped up our assets and are positioned for a strong second half of 2021.”
The company says fuel demand in the quarter was about 13 per cent below the pre-COVID period in 2019, but the lifting of many restrictions in July has reduced that shortfall to six per cent.
This report by The Canadian Press was first published July 29, 2021
CTVNews.ca Top Stories
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.