05:42 PM EST, 11/12/2024 (MT Newswires) -- Suncor Energy Inc. ( SU ) was at last look up 0.2% in US after hours trade Tuesday -- having been up more than 2% a short time ago -- as the company reported lower adjusted operating earnings for the third quarter, but higher net earnings and at or near record production.

Suncor's adjusted operating earnings were $1.875 billion ($1.48 per common share) in the third quarter of 2024, compared to $1.980 billion ($1.52 per common share) in the prior year quarter, with the decrease primarily due to lower realized crude oil prices and refined product realizations, partially offset by increased Oil Sands and Exploration & Production (E&P) sales volumes, as well as higher refinery production.

But et earnings increased to $2.020 billion ($1.59 per common share) in the third quarter of 2024, compared to $1.544 billion ($1.19 per common share) in the prior year quarter. In addition to the factors impacting adjusted operating earnings, net earnings for the third quarter of 2024 and the prior year quarter were impacted by reconciling items.

On production, Suncor cited its highest ever refining throughput of 488,000 barrels per day (bbls/d), with 105% overall utilization; and refined product sales of 612,000 bbls/d, the third consecutive quarter of record sales; in addition to upstream production of 829,000 bbls/d with 99% upgrader utilization, the best third quarter ever.

Among other highlights, it generated $3.8 billion in adjusted funds from operations and $2.2 billion in free funds flow; returned $1.5 billion to shareholders, with $800 million in share repurchases and $700 million in dividends; and achieved $8.0 billion net debt target, triggering 100% return of excess funds to shareholders.

Subsequent to the third quarter, quarterly dividend per share increased by approximately 5% to $0.57 per share.

"Whereas the second quarter was about executing major planned maintenance activities and building momentum, the third quarter was about performing and delivering on commitments, which is exactly what Suncor did. Exceptional results were achieved across the company in asset reliability and cost management, resulting in tremendous operating leverage as demonstrated in our financial results," said Rich Kruger, Suncor's President and CEO.