Advertisement
Canada markets close in 5 hours
  • S&P/TSX

    21,823.45
    +115.01 (+0.53%)
     
  • S&P 500

    4,998.14
    -12.98 (-0.26%)
     
  • DOW

    37,926.22
    +150.84 (+0.40%)
     
  • CAD/USD

    0.7283
    +0.0020 (+0.27%)
     
  • CRUDE OIL

    83.20
    +0.47 (+0.57%)
     
  • Bitcoin CAD

    88,580.76
    +1,100.54 (+1.26%)
     
  • CMC Crypto 200

    1,374.53
    +61.91 (+4.95%)
     
  • GOLD FUTURES

    2,405.00
    +7.00 (+0.29%)
     
  • RUSSELL 2000

    1,947.14
    +4.19 (+0.22%)
     
  • 10-Yr Bond

    4.6190
    -0.0280 (-0.60%)
     
  • NASDAQ

    15,469.63
    -131.87 (-0.85%)
     
  • VOLATILITY

    18.57
    +0.57 (+3.16%)
     
  • FTSE

    7,886.58
    +9.53 (+0.12%)
     
  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     
  • CAD/EUR

    0.6823
    +0.0002 (+0.03%)
     

Suncor breaks oilsands record, but adjusted earnings fall on weaker oil prices

CALGARY — Suncor Energy Inc. says it earned $2.82 billion in the fourth quarter of 2023, up from $2.74 billion in the same period of 2022.

The Calgary-based oil company says its net earnings for the three months ended Dec. 31 work out to $2.18 per common share, and include a $1.12 billion non-cash gain as a result of the company's acquisition of TotalEnergies' Canadian oilsands operations.

On an adjusted basis, Suncor says its operating earnings were $1.63 billion, or $1.26 per common share, in the fourth quarter, compared with $2.43 billion in the prior year's quarter.

The company says the decrease was primarily due to lower crude oil prices and a weaker business environment.

ADVERTISEMENT

Suncor's total upstream production in the quarter was 808,100 barrels of oil equivalent per day, the second-highest quarter in the company's history, while its oilsands production hit an all-time record of 757,400 boe/d.

Suncor also announced Wednesday that its board chair Michael Wilson will retire, effective March 15. He will be replaced by Russ Girling, a former CEO of TC Energy Corp. who has served on Suncor's board since 2021.

This report by The Canadian Press was first published Feb. 21, 2024.

Companies in this story: (TSX:SU)

The Canadian Press