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Suncor Energy Beats Quarterly Profit Estimates as Oil Prices Rise
Suncor Energy beats quarterly profit estimates as higher oil prices lift results.
Key points
- Adjusted operating profit of $3.97 per share for the quarter ended Sept. 30, versus analysts' average estimate of $3.28.
- Revenue from oil sands production rose 32 per cent to $9.32-billion, while refining revenue surged over 65 per cent to about $13.4-billion.
- Suncor announced a quarterly dividend of 66 cents per share, a 10-per-cent increase from the prior quarter, payable Dec. 24.
Why it matters. The results show integrated oil producers benefiting from a global fuel market roiled by the war, with higher prices strengthening margins in both production and refining.
Calgary-based Suncor Energy posted third-quarter adjusted operating profit of $3.97 per share on Tuesday, beating the $3.28 analyst average, according to data compiled by LSEG. Higher oil prices and refinery margins offset a 2 per cent drop in upstream output to 852,500 barrels per day. Benchmark Brent averaged $89.27 per barrel, up 31 per cent, as the Iran war, now in its ninth month, disrupted global energy supplies.
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Suncor Energy Beats Quarterly Profit Estimates as Oil Prices Rise
Integrated oil and gas producer Suncor Energy surpassed analysts' expectations for third-quarter profit on Tuesday. The company posted adjusted operating profit of $3.97 per share for the quarter ended September 30. Higher crude prices and strength in refinery margins offset lower production and throughput volumes. The Iran war, now in its ninth month, has disrupted global energy supplies and pushed up crude prices. The average price of benchmark Brent crude was 31 per cent higher, at $89 a barrel, over the period.