Suncor Energy reported a more than fourfold surge in profit in its second quarter, thanks to higher crude oil prices. The company also indicated its plans to divest assets.
Net earnings rose more than fourfold to C$3.996 billion ($3.11 billion), or C$2.84 per share for the quarter ended June, compared with C$868 million, or 58 Canadian cents a year earlier. The company's net synthetic crude oil production rose to 483,000 bbls/d in the second quarter of 2022, compared to 437,200 bbls/d in the year-ago quarter.
Suncor boosted its full-year capital expenditure projection to $4.9 billion-$5.2 billion from prior forecast of $4.7 billion, on inflationary pressures and increased safety improvement expenditure.
The company cut its 2022 production forecast to 740,000-760,000 barrels per day from 750,000-790,000.