Suncor Energy (SU) reported a $1.53 billion profit in the fourth quarter as oil prices continue to soar.
The Calgary-based oil producer and refiner announced that it earned $1.07 per common share for the period ended December 31, compared with a net loss of $168 million or 11 cents per common share in the same period of 2020.
Revenues surged 68% to $11.1 billion from $6.6 billion in the fourth quarter of 2020. Analysts expected Suncor to earn $1.35 billion in the quarter, or 94 cents per common share on $10.8 billion of revenues, according to Refinitiv data.
Suncor said its results were primarily due to higher crude oil and refined product sales, reflecting the improved business environment. The fourth quarter of 2020 had been negatively impacted by the significant decline in transportation fuel demand related to the pandemic.
Suncor said it generated a record $3.1 billion, or $2.17 per common share, in adjusted funds from operations during the fourth quarter. The company’s total upstream production was 743,300 barrels of oil equivalent per day in the fourth quarter, compared with 769,200 barrels in the prior year quarter.
Suncor said the decrease was due, in part, to the absence of production from the Golden Eagle Area development, which was sold in the fourth quarter of last year.
