Suncor Energy reports third quarter profit of $1.54 billion

The Suncor Energy Centre in downtown Calgary on Sept. 16, 2022. (THE CANADIAN PRESS/Jeff McIntosh)

Suncor Energy Inc. says it earned a profit of $1.54 billion in the third quarter of 2023, compared to a net loss of $609 million in the prior year's quarter.

The Calgary-based energy giant says its earnings work out to $1.19 per share, compared to a loss of 45 cents per common share in the same three months of 2022.

On an adjusted basis, Suncor earned $1.98 billion or $1.52 per common share in the third quarter of 2023, compared to $2.57 billion or $1.88 per common share in the third quarter of 2022.

The company attributed the decrease in adjusted earnings to lower crude prices year-over-year and a weaker business environment, as well as increased royalties and decreased sales volumes due to international asset divestments.

Suncor's total upstream production was 690,500 barrels of oil equivalent per day, down from 724,100 boe/d in the same period last year.

Refinery throughput was 463,200 barrels per day and refinery utilization was 99 per cent in the third quarter of 2023, compared to 466,600 barrels per day and 100 per cent utilization in the prior year's quarter.