Suncor Energy’s Net Profit Soars More Than 400%

Suncor Energy (SU) said its net profit in the second quarter rose more than 400% to $3.99
billion from $868 million in the same period of 2021.

The Calgary-based oil company said that its adjusted funds from operations reached $5.35
billion in the second quarter, the highest level in the company's history.

Production from Suncor’s oilsands projects increased to 641,500 barrels per day (bpd) in the
April through June period, up from to 615,700 bpd a year ago, due to increased production at its
Syncrude and Fort Hills production sites.

Production of refined crude oil increased to 389,300 bpd and the company’s refinery utilization
rate was 84% in the second quarter compared to 325,300 bpd and 70% utilization in the year
ago quarter.

Suncor said it is making safety improvements following multiple deaths at its work sites in recent
years, and that it is undertaking a strategic review of its retail business, including a potential sale
of the gas stations it owns across Canada.

Suncor’s stock is up 19% this year at $39.46 per share.