CALGARY – Suncor Power Inc. is reporting constructive first-quarter web earnings on greater manufacturing, decrease prices and stronger oil and fuel costs, reversing an enormous web loss in the identical interval of final 12 months.
The Calgary-based oilsands producer and refiner says it had web earnings of $821 million or 54 cents per share within the first three months of 2021, in comparison with a web lack of $3.5 billion or $2.31 per share within the year-earlier interval.
Analysts had anticipated Suncor to report first-quarter earnings of $232 million or 15 cents per share, in accordance with information agency Refinitiv.
Within the first quarter of 2020, Suncor had $1.8 billion of non-cash after-tax asset impairment prices and a $1 billion unrealized after-tax international trade loss on the revaluation of U.S. greenback denominated debt. Its newest earnings embody a $181 million unrealized after-tax international trade achieve on the revaluation of debt and an after-tax restructuring cost of $126 million.
Suncor says complete manufacturing elevated to 785,900 barrels of oil equal per day in the newest quarter, in comparison with 739,800 boe/d in the identical quarter of 2020, as upgrader utilization at its oilsands mines averaged 97 per cent and manufacturing of bitumen from wells reached a document stage of 170,700 barrels per day.
Refinery crude throughput was 428,400 bpd as refinery utilization reached 92 per cent within the first quarter, in comparison with throughput of 439,500 bpd and utilization of 95 per cent within the prior 12 months quarter.
“Within the first quarter of 2021 we demonstrated our continued dedication to operational excellence via mixed upgrader utilization of 97 per cent, document in situ manufacturing and improved price efficiency within the upstream,” mentioned CEO Mark Little in a information launch.
“In our downstream enterprise, we proceed to leverage our advertising and marketing and logistics community and optimized our stock ranges upfront of our spring (upkeep) turnarounds, which helped obtain common refinery utilization charges of 92 per cent and ship robust monetary ends in the quarter.”
This report by The Canadian Press was first revealed Could 3, 2021.
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