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Suncor Energy beats Q3 profit estimates on greater production, raises dividend

Canada's Suncor Energy raised its quarterly dividend on Tuesday after the integrated oil and gas company beat price quotes for thirdquarter revenue, as it taken advantage of greater oil production and need for refined products.

Information from the U.S. Energy Details Administration revealed that the country's overall oil usage increased in July to the highest seasonal level given that 2019.

In July, gasoline demand was also at the greatest seasonal levels given that 2019, whereas jet fuel need was the greatest for any month because August 2019.

The Canadian company's quarterly upstream production was up 20%. at 828,600 barrels each day (bpd), from the previous year and. refinery usage was up at 105%, with throughput of 487,600. bpd.

Last year, Suncor completed the acquisition of French energy. firm TotalEnergies' Canadian operations for C$ 1.47. billion ($ 1.07 billion) to reinforce its bitumen production. capability.

Its total oil sands bitumen production in the quarter ended. Sept. 30 was at 909,600 bpd, up 15.6% from the previous year.

The company likewise raised its quarterly dividend by 5% to. 57 Canadian cents per share, from the previous quarter.

The business reported an adjusted earnings of C$ 1.48 ($ 1.06). per share for the three-month duration, compared to experts'. typical estimate of C$ 1.08 per share, according to information put together. by LSEG.

(source: Reuters)