Aug 6 (Reuters) - Canada's Suncor Energy ( SU ) beat
analysts' estimates for second-quarter profit on Tuesday, helped
by higher oil prices and a rise in oil sands production.
Average U.S. crude oil prices rose about 10% during the
second-quarter compared to last year, aided by OPEC+ production
cuts and potential supply disruptions due to the conflict in the
Middle East.
The start of the long-delayed Trans Mountain pipeline
expansion project, which nearly tripled the shipping capacity at
Canada's Pacific coast, also lifted demand for Canadian crude.
Canada's second-biggest oil producer said total upstream
production was up at 770,600 barrels per day (bpd) in the
quarter, compared to 741,900 bpd from a year earlier.
The company posted adjusted profit of C$1.27 per share for
the quarter ended June 30, compared with analysts' average
estimate of C$1.08, according to LSEG data.