Suncor breaks oilsands record, but adjusted earnings fall on weaker oil prices

CALGARY – Suncor Energy Inc. says it earned $2.82 billion in the fourth quarter of 2023, up from $2.74 billion in the same period of 2022.

The Calgary-based oil company says its net earnings for the three months ended Dec. 31 work out to $2.18 per common share, and include a $1.12 billion non-cash gain as a result of the company’s acquisition of TotalEnergies’ Canadian oilsands operations.

On an adjusted basis, Suncor says its operating earnings were $1.63 billion, or $1.26 per common share, in the fourth quarter, compared with $2.43 billion in the prior year’s quarter.

The company says the decrease was primarily due to lower crude oil prices and a weaker business environment.

Suncor’s total upstream production in the quarter was 808,100 barrels of oil equivalent per day, the second-highest quarter in the company’s history, while its oilsands production hit an all-time record of 757,400 boe/d.

Suncor also announced Wednesday that its board chair Michael Wilson will retire, effective March 15. He will be replaced by Russ Girling, a former CEO of TC Energy Corp. who has served on Suncor’s board since 2021.

This report by The Canadian Press was first published Feb. 21, 2024.

Companies in this story: (TSX:SU)