CALGARY — Suncor Energy Inc. says it earned a net profit of $877 million in its latest quarter as it continued to pay down debt and ramp up production in the wake of higher oil prices.

The Calgary-based oil producer and refiner reported after markets closed on Wednesday that it earned $0.59 per common share in the third quarter of 2021, compared to a net loss of $12 million or $0.01 per common share in the third quarter of 2020.

The company says it will double its dividend as of Dec. 24, 2021, to $0.42 per common share from $0.21 per share, thanks to strong performance and higher than expected commodity prices.

Its operating earnings increased to $1.043 billion or $0.71 per common share, compared to an operating loss of $338 million or $0.22 per common share in the same period last year.

Suncor’s total upstream production for the quarter ended Sept. 30 was 698,600 barrels of oil equivalent per day, compared to 616,200 in the same quarter a year ago.

Suncor’s refinery business reported $947 million in funds from operations in the third quarter, compared to $594 million in the same quarter the year before.

The company says it reduced its net debt by $2 billion in the third quarter and has reduced its net debt by a total of $3.1 billion since the beginning of 2021.

This report by The Canadian Press was first published Oct. 27, 2021.

Companies in this story: (TSX:SU)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0029 Latus Viro updated Latus phone
  • 0031 Lloydminster_Heavy_Oil_Show_2022
    0031 Lloydminster_Heavy_Oil_Show_2022
  • 0027 TED_NA Helium 2021_30
  • 0028 SIMSA_Energy_Forum_2022
  • 0025 Kendalls
  • 0026 Buffalo Potash Quinton Salt
  • 0023 LC Trucking tractor picker hiring mix
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0019 Jerry Mainil Ltd hiring dugout
  • 0018 IWS Hiring Royal Summer
  • 0014 Buffalo Potash What if PO
  • 0015 Latus Viro PO Ad 01
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002
  • 0001