Suncor Posts Higher Earnings, Record Utilization
Suncor Energy Inc. has reported net earnings of $2.02 billion for the third quarter of 2024, surpassing the $1.54 billion reported for the corresponding quarter last year.
The company said in a media release it achieved a record overall utilization of 105 percent and a throughput of 487,600 barrels per day (bpd), compared to 99 percent and 463,200 bpd in the prior-year quarter. The third quarter of 2023 was impacted by planned maintenance activities at the Edmonton and Montreal refineries.
The company also posted record refined product sales of 612,300 bpd in the third quarter of 2024, compared to 574,100 bpd in Q3 2023, with the increase primarily due to higher refinery throughput and the company leveraging its extensive domestic sales network and export channels.
“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 Chief Executive Officer.
During the quarter, Suncor’s oil sands bitumen production increased to 909,600 bpd, above the 787,000 bpd recorded a year prior. The company’s net synthetic crude oil (SCO) production increased to a third-quarter record of 513,800 bpd, compared to 469,300 bpd for the prior-year quarter, reflecting higher upgrader availability due to lower planned turnaround activities.
Non-upgraded bitumen production surged to 262,200 bpd in Q3 2024, up from 176,800 bpd in the prior-year quarter. This increase was primarily driven by the acquisition of Fort Hills, strong performance at Firebag, and lower upgrader feedstock demand.
Additionally, E&P production rose to 52,600 bpd in Q3 2024, boosted by contributions from Terra Nova and Hebron, partially offset by the temporary suspension of White Rose production.
Suncor said it has reduced its net debt by $1.8 billion to $7.96 billion.
To contact the author, email andreson.n.paul@gmail.com
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.