Suncor Energy Q2 Profit Jumps

(RTTNews) - Suncor Energy Inc. (SU) on Tuesday reported sharply higher second-quarter earnings.

Suncor Energy reported second-quarter net earnings of C$3.73 billion, or C$3.17 per share, compared with C$1.13 billion, or C$0.93 per share, in the year-ago quarter.

Adjusted operating earnings rose to C$3.80 billion, or C$3.23 per share, from C$873 million, or C$0.71 per share, a year earlier.

Adjusted funds from operations nearly doubled to C$5.33 billion, or C$4.52 per share, from C$2.69 billion, or C$2.20 per share last year.

Second-quarter upstream production totaled 760,900 barrels per day (bbls/d), while refining throughput reached a record 470,600 bbls/d. Refined product sales also hit a quarterly record of 654,800 bbls/d.

"Suncor delivered record quarterly free funds flow per share of $3.38 in the second quarter, demonstrating the progress we've made in improving the performance of our business and increasing shareholder value," said Rich Kruger, President and Chief Executive Officer. "The quarter was led by the exemplary performance of our downstream business, delivering record quarterly adjusted funds from operations and record second quarter refining throughput and refined product sales, highlighting the strength of our integrated model and its ability to generate significant cash flow across a range of market conditions."