Suncor earns $2.95 billion as oil prices rise





A Suncor logo is displayed during the company’s annual meeting in Calgary, Alta., Thursday, May 2, 2019. Suncor Energy Inc. says it earned $2.95 billion in the first quarter, compared to $821 million in the during the same period of 2021, as the war in Ukraine and energy supply fears drove up oil prices. THE CANADIAN PRESS/Jeff McIntosh

CALGARY – Suncor Energy Inc. says it earned $2.95 billion in the first quarter, down from $821 million in the same period of 2021, as war in Ukraine and energy supply fears caused raise oil prices.

The Calgary-based oil producer and refiner reported after markets closed Monday that net income was $2.06 per common share, down from 54 cents per common share in the first quarter of last year.

Revenue was $13.5 billion, compared to $8.6 billion in the prior quarter.

Suncor reported total upstream production of 766,100 barrels of oil equivalent per day (boe/d) in the first quarter of 2022, compared to 785,900 boe/d in the prior year quarter.

Refinery crude throughput increased to 436,500 barrels per day and refinery utilization was 94% in the first quarter of 2022, compared to 428,400 barrels per day and 92% in the prior year quarter.

Also on Monday, Suncor declared a quarterly dividend of 47 cents per common share payable June 24 to shareholders of record on June 3. The company says the dividend is the highest in its history and 12% higher than the previous quarter’s dividend.

This report from The Canadian Press was first published on May 9, 2022.

Companies in this story: (TSX: SU)

Christy J. Olson