Suncor Energy earns $1.57 billion in second quarter

Suncor file photo. (CTV News)

Suncor Energy Inc. says it earned $1.57 billion in its second quarter, down from $1.88 billion in the second quarter of 2023.

The Calgary-based oil giant says on an adjusted basis, it earned $1.63 billion, up from $1.25 billion in the prior year's quarter.

Its adjusted earnings worked out to $1.27 per common share in the second quarter, up from 96 cents in the same period of 2023.

Suncor says its upstream production for the three months ended June 30 totalled approximately 771,000 barrels of oil equivalent per day, up from appoximately 742,000 barrels per day in the prior year's quarter.

The company says its refinery crude throughput increased to 430,500 barrels per day and its refinery utilization was 92 per cent in the second quarter of 2024, compared with 394,400 barrels per day and 85 per cent in the prior year's quarter.

Suncor saw record quarterly refined product sales of 594,700 barrels per day in the second quarter, compared with 547,000 barrels per day during the same time last year.

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This report by The Canadian Press was first published on Aug. 6, 2024.