Suncor earnings up on record production, throughput and better prices

CALGARY – Suncor Energy Inc. (TSX:SU) says improved oil prices and record oilsands production helped push up earnings in the third quarter.

The Calgary-based energy producer says operating earnings came in at $867 million or $0.52 per share in the quarter ending Sept. 30, compared with $346 million or $0.21 per share for the same quarter last year.

Suncor says earnings were also boosted by wider margins between oil and refined product prices, record refinery throughput and sales volumes, and continued cost reductions, while last year’s results also took a hit from a non-performing offshore well.

The company’s record production of 739,900 barrels a day in the quarter was up from 728,100 a year earlier.

Suncor says production will be further increasing soon, with both its Fort Hills oilsands project and Hebron offshore project still on track for first oil by the end of the year.

The company says it continues to work on boosting efficiencies, including at Syncrude where Suncor successfully processed bitumen from MacKay River as a test for potential integration.