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Suncor Energy beats first quarter profit estimates on higher production
May 7, 2024 2:53 PM

May 7 (Reuters) -

Canada's Suncor Energy ( SU ) beat first-quarter profit

estimates on Tuesday as the integrated oil and gas firm

benefited from higher oil production.

Demand for oil in the U.S., the biggest importer of

Canadian oil, rose more than the forecast in February according

to data from the U.S. Energy Information Administration, helping

oil producers like Suncor Energy ( SU ).

Canada's second-biggest oil producer said total upstream

production was up at 835,300 barrels per day (bpd) in the

quarter, compared with 742,100 bpd from a year earlier.

The company reported adjusted operating earnings of C$1.41

per share for the quarter ended March 31, compared with

analysts' average estimate of C$1.29, according to LSEG data.

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