April 15th, 2024

Suncor breaks oilsands record, but adjusted earnings fall on weaker oil prices

By The Canadian Press on February 21, 2024.

The Suncor Energy Centre picture in downtown Calgary, Alta., Friday, Sept. 16, 2022.THE CANADIAN PRESS/Jeff McIntosh

CALGARY – Suncor Energy Inc. says it earned $2.82 billion in the fourth quarter of 2023, up from $2.74 billion in the same period of 2022.

The Calgary-based oil company says its net earnings for the three months ended Dec. 31 work out to $2.18 per common share, and include a $1.12 billion non-cash gain as a result of the company’s acquisition of TotalEnergies’ Canadian oilsands operations.

On an adjusted basis, Suncor says its operating earnings were $1.63 billion, or $1.26 per common share, in the fourth quarter, compared with $2.43 billion in the prior year’s quarter.

The company says the decrease was primarily due to lower crude oil prices and a weaker business environment.

Suncor’s total upstream production in the quarter was 808,100 barrels of oil equivalent per day, the second-highest quarter in the company’s history, while its oilsands production hit an all-time record of 757,400 boe/d.

Suncor also announced Wednesday that its board chair Michael Wilson will retire, effective March 15. He will be replaced by Russ Girling, a former CEO of TC Energy Corp. who has served on Suncor’s board since 2021.

This report by The Canadian Press was first published Feb. 21, 2024.

Companies in this story: (TSX:SU)

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