Company News

Suncor profit up on better prices, refinery margins

CALGARY, Alberta Oct 31 (Reuters) - Suncor Energy Inc , Canada’s second-largest energy producer, reported on Wednesday a higher third-quarter profit on better oil prices and increased refinery margins, along with higher output.

The Calgary, Alberta-based company reported net earnings of C$1.8 billion, or C$1.12 per share, in the three months ended Sept. 30. In the year-prior quarter, net earnings were C$1.3 billion, or 78 Canadian cents per share.

Suncor’s operating profit, which excludes one-time items, was C$1.6 billion, or 96 Canadian cents per share, in the third quarter, up from C$867 million, or 52 Canadian cents a share, in the year-ago period.

Analysts, on average, had predicted earnings of 95 Canadian cents per share, according to I/B/E/S data from Refinitiv.

Reporting by Julie Gordon in Calgary, Alberta; Editing by Peter Cooney