Canada’s Suncor Energy Inc reported a better-than-expected fourth-quarter profit on Tuesday, helped by higher crude prices amid tightened global supply.
U.S. oil prices pulled back from a multi-year high last quarter, but were trading 9 per cent higher than the year-ago level as Western sanctions against major energy producer Russia and a decision by OPEC+ to cut output tightened global supply. Suncor’s total upstream production was 763,100 barrels of oil equivalent per day in the fourth quarter, higher than last year’s output of 743,300 boepd.
The company’s refinery utilization averaged 94 per cent and crude throughput was 440,000 barrels per day , compared with 447,000 bpd last year, as its Commerce City refinery in Colorado was knocked out by winter storm Elliott. The Calgary, Alberta-based company reported adjusted operating earnings of $2.43-billion, or $1.81 per share, for the quarter ended Dec. 31, compared with average analysts’ estimate of $1.76 per share.
Source: News Formal (newsformal.com)
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