Nov 4 (Reuters) - Canada's integrated oil and gas firm
Suncor Energy ( SU ) beat third-quarter profit estimates on
Tuesday, as higher production helped offset lower prices.
Canadian oil producers are also gaining from the expanded
Trans Mountain pipeline, which opens access to global markets
and lessens their dependence on the U.S. pipeline system.
The company's total upstream production was at 870,000
barrels per day in the quarter, compared with 828,600 bpd a year
earlier.
Crude prices averaged $68.33 per barrel in the
July-September quarter, down more than 13% from a year earlier,
after OPEC+ accelerated output hikes and raised concerns about
oversupply.
The company reported an adjusted profit of C$1.48 per share
for the quarter ended September 30, compared with the analysts'
average estimate of C$1.08 per share, according to data compiled
by LSEG.