Key facts
- Suncor Energy posted adjusted operating profit of C$3.97 per share against an LSEG-compiled average estimate of C$3.28 per share.
- Oil sands production revenue rose 32% to C$9.32 billion ($6.66 billion) in the quarter.
- Refining revenue rose more than 65% to about C$13.4 billion as benchmark crack spreads more than doubled.
- Upstream production fell 2% to 852,500 barrels per day and refinery throughput fell slightly to 487,700 barrels per day.
- Suncor Energy declared a quarterly dividend of 66 Canadian cents per share payable December 24, up 10% from the prior quarter.
- Suncor Energy agreed in October to sell three offshore Canada oil assets to Ithaca for C$1.2 billion.
Suncor Energy reported third-quarter adjusted operating profit of C$3.97 per share on Tuesday, above the C$3.28 average analyst estimate compiled by LSEG, as higher oil prices and stronger refinery margins offset lower production and throughput.
The Iran war, now in its ninth month, has disrupted global energy supplies and lifted crude prices. The average price of benchmark Brent crude was 31% higher at $89.27 per barrel for the quarter than a year earlier, the report said.
Revenue from oil sands production rose 32% to C$9.32 billion ($6.66 billion), while refining revenue rose more than 65% to about C$13.4 billion, helped by a more than two-fold jump in benchmark crack spreads, the margin refiners earn from processing a barrel of crude.
Upstream production fell 2% to 852,500 barrels per day and refinery throughput fell slightly to 487,700 barrels per day, the Calgary, Alberta-based company reported.
Suncor announced a quarterly dividend of 66 Canadian cents per share payable December 24, a 10% increase from the prior quarter. In October it agreed to sell interests in three offshore Canada oil assets to Ithaca for C$1.2 billion and raised monthly share repurchases to C$750 million from C$500 million.
Imperial Oil also beat analysts' quarterly profit estimates last week, the report said, citing strong refining margins.