Suncor’s Q2 net profit increases more than fourfold year-over-year

CALGARY — Suncor Inc. says it earned $3.99 billion in the second quarter of 2022, or $2.84 per common share, more than four and a half times the $868 million it earned in the same period of 2021.

The Calgary-based oil producer and refiner, which reported after markets closed Thursday, says its adjusted funds from operations hit $5.35 billion in the quarter, the highest in the company’s history by 33 per cent.

Production from the company’s oilsands assets increased to 641,500 barrels per day in the second quarter, up from to 615,700 bpd in the prior-year quarter, due to increased production at its Syncrude and Fort Hills sites.

Refinery crude throughput increased to 389,300 barrels per day and refinery utilization was 84 per cent in the second quarter of 2022, compared to 325,300 barrels per day and 70 per cent in the prior-year quarter.

Suncor says it is undertaking specific safety improvements in light of a string of recent deaths at its work sites.

Suncor says it will also be undertaking a strategic review of its retail business. It says the review will evaluate and consider everything from a potential sale of the business to options to enhance the value of its retail business.

This report by The Canadian Press was first published Aug. 4, 2022.

Companies in this story: (TSX:SU)

The Canadian Press

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