Suncor's Q2 adjusted earnings increased to $1.63bn, even as net profit fell to $1.57bn
Suncor Energy Inc. announced its second-quarter earnings, reporting $1.57bn, down from $1.88bn in the same quarter of 2023, according to BNN Bloomberg.
On an adjusted basis, Suncor earned $1.63bn, an increase from $1.25bn in the previous year's quarter.
The company's adjusted earnings per common share were $1.27, up from 96 cents in the second quarter of 2023.
Suncor's upstream production for the three months ending June 30 averaged approximately 771,000 barrels of oil equivalent per day, an increase from about 742,000 barrels per day in the prior year's quarter.
Suncor's refinery crude throughput rose to 430,500 barrels per day, with a refinery utilization rate of 92 percent in the second quarter of 2024. This is compared to 394,400 barrels per day and an 85 percent utilization rate in the same period last year.
Additionally, the company achieved record quarterly refined product sales, averaging 594,700 barrels per day in the second quarter, up from 547,000 barrels per day during the same period last year.
