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Suncor Energy tops quarterly profit estimates on higher production
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Suncor Energy tops quarterly profit estimates on higher production
Aug 6, 2024 2:25 PM

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.

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