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Suncor Energy beats third-quarter profit estimates on higher production
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Suncor Energy beats third-quarter profit estimates on higher production
Nov 12, 2024 2:56 PM

Nov 12 (Reuters) - Canada's Suncor Energy ( SU ) beat

third-quarter profit estimates on Tuesday, as the integrated oil

and gas firm benefited from higher oil production and demand for

refined products.

Data from the U.S. Energy Information Administration showed

that the country's total oil consumption rose in July to the

highest seasonal level since 2019.

In July, gasoline demand was also at the highest

seasonal levels since 2019, whereas jet fuel demand was the

highest for any month since August 2019.

The Canadian firm's quarterly upstream production was up

20% at 828,6000 barrels per day (bpd), from the previous year

and refinery utilization was up at 105%, compared with 99% in

the same period.

The company reported an adjusted profit of C$1.48 per share

for the quarter ended Sept. 30, compared with analysts' average

estimate of C$1.08 per share, according to data compiled by

LSEG.

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