Energy

Canada's Suncor posts quarterly profit on improved crude prices

1 minute read

Suncor Energy facility is seen in Sherwood Park, Alberta, Canada August 21, 2019. REUTERS/Candace Elliott/File Photo

July 28 (Reuters) - Oil producer Suncor Energy Inc (SU.TO) posted a second-quarter profit compared to a year ago loss on Wednesday, as crude prices rebounded from pandemic-driven lows.

Like many of its peers, Suncor has been generating bumper free cash flow this year thanks to higher oil prices.

The bulk of the company's operations are in northern Alberta's oil sands, and it is aiming to cut carbon emissions by one-third while also boosting production.

The company said its total upstream production rose to 699,700 barrels of oil equivalent per day (boepd) during the second quarter from 655,500 boepd a year earlier.

The company, Canada's second-largest oil producer, posted net earnings of C$868 million ($693.24 million), or 58 Canadian cents per share, in the three months ended June 30, compared with a loss of C$614 million, or 40 Canadian cents per share, year earlier.

($1 = 1.2521 Canadian dollars)

Reporting by Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli and Maju Samuel

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters