CALGARY — Suncor Energy Inc. says it earned $2.74 billion in the fourth quarter of 2022, a 76 per cent increase from the $1.55 billion it earned in the same three months of 2021.
The Calgary-based company says its increased profit was due to the higher price of crude and refined product realizations as well as higher upstream production, partially offset by increased operating expenses.
On an adjusted basis, Suncor says it earned $2.43 billion, or $1.81 per common share, compared to $1.30 billion or 89 cents per common share in the prior year’s quarter.
The energy giant says its total upstream production increased to 763,100 barrels of oil equivalent per day (boe/d) in the fourth quarter of 2022, compared to 743,300 boe/d in the prior year quarter, primarily driven by increased production from the company’s oilsands assets.
Suncor’s refinery crude throughput was 440,000 barrels per day and its refinery utilization was 94 per cent in the fourth quarter of 2022, compared to 447,000 bbls/d and 96 per cent in the prior-year quarter.
It attributes the decrease in part to unexpected maintenance that occurred in the quarter, including that required as a result of bad weather at the company’s Commerce City refinery.
This report by The Canadian Press was first published Feb. 14, 2023.
Companies in this story: (TSX:SU)
The Canadian Press
- 0081 OSY 2024 hockey draft0081 OSY 2024 hockey draft
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0076 Latus only0076 Latus only
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001