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Suncor's fourth-quarter profit beats on higher oil output
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Suncor's fourth-quarter profit beats on higher oil output
Feb 5, 2025 2:43 PM

Feb 5 (Reuters) - Canada's Suncor Energy ( SU ) beat

analysts' estimates for fourth-quarter profit on Wednesday as

the integrated oil and gas firm benefited from higher oil

production and sales volumes.

The country's oil producers benefited after the Trans

Mountain Pipeline expansion project began commercial operations

last year, as it increased their transportation capacity and

opened up market access to refineries in Asia and the U.S. West

Coast.

The expanded pipeline has nearly tripled the flow of crude

from Alberta's oil sands to British Columbia on the Pacific

Coast to 890,000 barrels per day.

Calgary, Alberta-based Suncor's upstream production rose to

875,000 barrels per day (bpd) during the fourth quarter from

808,000 bpd.

The company said its refinery throughput rose to 486,000 bpd

during the quarter, while its refinery utilization more than

doubled.

On an adjusted basis, Suncor earned C$1.25 ($0.8733) per

share, compared with the average analyst estimate of C$1.10 per

share, according to data compiled by LSEG.

($1 = 1.4313 Canadian dollars)

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