Suncor Energy announced a net profit of C$1.57 billion, or $1.14 per share, for the second quarter of the year. This robust performance was driven by increased production and rising oil prices. Earnings per share were C$1.27, exceeding analysts’ expectations of C$1.08, according to data from LSEG reported by Reuters.
Despite this strong showing, Suncor’s Q2 profit was lower compared to both the first quarter of 2024 and the same period in 2023.
During the quarter, Suncor’s production averaged 771,000 barrels per day, with refinery throughput reaching 431,000 barrels per day. For the first half of the year, the company achieved a record production rate of 803,000 barrels daily and averaged 443,000 barrels per day in refinery throughput.
Suncor’s CEO, Rich Kruger, highlighted the focus on “execution and momentum” for the quarter. He noted the successful completion of major upstream and downstream turnaround activities and ongoing efforts to improve operational reliability and cost management.
As one of Canada’s leading oil producers, Suncor is preparing to further increase production now that the expanded Trans Mountain pipeline is operational. Production growth had already begun before the pipeline expansion, though crude demand has not yet significantly impacted prices. Currently, Canadian crude is trading about $15 lower than WTI.
Despite this, higher prices compared to last year have contributed to Suncor’s increased operating earnings. The company’s additional production included assets acquired from TotalEnergies’ oil sands operations. Suncor plans to maintain its original production forecasts for the remainder of the year.