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.
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.
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.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
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.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Powerful tornado tears across Nebraska, weather service warns of 'catastrophic' damage
Devastating tornadoes tore across parts of eastern Nebraska and northeast Texas Friday as a multi-day severe thunderstorm event ramped up in the central United States, injuring at least three people.
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.
Trump's lawyers try to discredit testimony of prosecution's first witness in hush money trial
Donald Trump's defence team attacked the credibility Friday of the prosecution's first witness in his hush money case, seeking to discredit testimony detailing a scheme between Trump and a tabloid to bury negative stories to protect the Republican's 2016 presidential campaign.