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Suncor reports $821 million 1st quarter profit on higher output, stronger oil prices

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Suncor reports $821 million 1st quarter profit on higher output, stronger oil prices

Suncor Energy Inc. is reporting sure first-quarter acquire earnings on higher production, decrease prices and stronger oil and gas prices, reversing a extensive acquire loss in the identical duration of final year.

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The Calgary-basically based oilsands producer and refiner says it had acquire earnings of $821 million or 54 cents per part in the principle three months of 2021, in comparison with a acquire loss of $3.5 billion or $2.31 per part in the year-earlier duration.

Analysts had anticipated Suncor to picture first-quarter earnings of $232 million or 15 cents per part, in response to information agency Refinitiv.

In the principle quarter of 2020, Suncor had $1.8 billion of non-cash after-tax asset impairment prices and a $1 billion unrealized after-tax international alternate loss on the revaluation of U.S. buck denominated debt. Its most modern earnings encompass a $181 million unrealized after-tax international alternate win on the revaluation of debt and an after-tax restructuring payment of $126 million.

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Suncor says total production increased to 785,900 barrels of oil identical per day in the most most modern quarter, in comparison with 739,800 boe/d in the identical quarter of 2020, as upgrader utilization at its oilsands mines averaged 97 per cent and production of bitumen from wells reached a picture diploma of 170,700 barrels per day.

Refinery uncouth throughput became once 428,400 bpd as refinery utilization reached 92 per cent in the principle quarter, in comparison with throughput of 439,500 bpd and utilization of 95 per cent in the prior year quarter.


Click to play video: 'Suncor Energy says it will cut 10 to 15 per cent of its workforce over next 18 months'



Suncor Energy says this may well presumably additionally slash 10 to 15 per cent of its crew over next 18 months


Suncor Energy says this may well presumably additionally slash 10 to 15 per cent of its crew over next 18 months – Oct 2, 2020

“In the principle quarter of 2021 we demonstrated our continued dedication to operational excellence via combined upgrader utilization of 97 per cent, picture in situ production and improved payment efficiency in the upstream,” said CEO Mark Minute in a information initiate.

“In our downstream trade, we continue to leverage our advertising and logistics community and optimized our inventory ranges upfront of our spring (repairs) turnarounds, which helped carry out reasonable refinery utilization rates of 92 per cent and carry strong financial results in the quarter.”

© 2021 The Canadian Press

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Suncor reports $821 million 1st quarter profit on higher output, stronger oil prices

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