Suncor | Profits quadruple in the second quarter compared to 2021

(Calgary) Suncor points to $3.99 billion profit in the second quarter of 2022, or $2.84 per share, which is more than four times the $868 million profit in the same period of 2021.

The Calgary-based oil producer and refiner, which released its numbers after markets closed Thursday, said its adjusted funds from operations reached $5.35 billion in the quarter, the highest β€” of 33 % β€” company history.

Production at the company’s oil sands assets increased to 641,500 barrels per day in the second quarter from 615,700 barrels per day in the prior year quarter, due to increased production at its Syncrude sites and Fort Hills.

Refinery crude throughput increased to 389,300 barrels per day and refinery utilization was 84% ​​in the second quarter of 2022, compared to 325,300 barrels per day and 70% in the prior year quarter.

Suncor says it is undertaking specific safety improvements in light of a series of recent fatalities at its jobsites.

Suncor says it will also undertake a strategic review of its retail business. The company says the review will assess and consider all possibilities, from a potential sale of the business to options to improve the value of its retail business.

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