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.
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