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Suncor Energy's quarterly profit jumps fourfold as crude prices soar

(Reuters) -Suncor Energy Inc posted an over fourfold rise in its second-quarter profit on Thursday, as Canada's third-largest crude oil producer benefited from a rally in...
Suncor Energy's quarterly profit jumps fourfold as crude prices soar © Reuters. FILE PHOTO - Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton, Alberta, Canada, October 7, 2021. REUTERS/Todd Korol

(Reuters) -Suncor Energy Inc posted an over fourfold rise in its second-quarter profit on Thursday, as Canada's third-largest crude oil producer benefited from a rally in commodity prices.

Sanctions against major oil producer Russia have worsened supply issues, sending global crude prices up nearly 48% in the first half of the year as energy companies are yet to boost production to meet soaring fuel demand.

Suncor said its total upstream production stood at 720,200 barrels of oil equivalent per day (boepd), compared with 699,700 boepd year earlier.

The company's refinery crude throughput rose nearly 20% to 389,300 barrels per day while the refinery utilization in the quarter was 84%, compared with 70% in the prior year.

The company reported net earnings of C$3.996 billion ($3.11 billion), or C$2.84 per share, for the three-month period ended June 30, compared with C$868 million, or 58 Canadian cents, a year earlier.

($1 = 1.2867 Canadian dollars)

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01-05-2024 10:45:17 (UTC+7)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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