Suncor Energy: $2.95B Profit As Oil Prices Increases

Suncor Energy Inc. reports a first-quarter profit of $2.95 billion, up from $821 million in the same period last year, as oil prices rose due to the conflict in Ukraine and concerns about energy supplies.

After Monday’s markets closed, the Calgary-based oil producer and refiner reported net earnings per share of $2.06, up from 54 cents per common share in the first quarter of 2021.

Compared to the previous quarter, revenues increased from $8.6 billion to $13.5 billion.

In the first quarter of 2022, Suncor’s total upstream output was 766,100 barrels of oil equivalent per day (boe/d), down from 785,900 boe/d in last year’s quarter

Also, in the first quarter of 2022, refinery crude throughput grew to 436,500 barrels per day and refinery utilization was 94%, compared to 428,400 barrels per day and 92% in last year’s quarter.

The company announced on Monday an additional dividend of 47 cents per share, payable on June 24 to shareholders of record as of June 3.

Original source material for this article taken from here