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.