Suncor Energy reports $3.26B from oil sands in Q3

Suncor Energy (TSX:SU) based out of Calaray, has released third quarter results for 2022. Suncor’s adjusted operating earnings increased to $2.57 billion […]
A Komatsu 980E truck in the Athabasca Basin oil sands. Credit: Suncor Energy

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Suncor Energy (TSX:SU) based out of Calaray, has released third quarter results for 2022. Suncor’s adjusted operating earnings increased to $2.57 billion ($1.88 per common share) in the third quarter of 2022, compared to $1.04 billion ($0.71 per common share) in the prior year quarter. This, according to the company, is primarily due to significantly higher crude oil and refined product sales, reflecting the improved business environment in the current quarter, and higher upstream production.

Adjusted funds from operations increased to $4.47 billion ($3.28 per common share) in the third quarter of 2022, compared to $2.64 billion ($1.79 per common share) in the prior year quarter. Cash flow provided by operating activities, which includes changes in non-cash working capital, was $4.45 billion ($3.26 per common share) in the third quarter of 2022, compared to $4.72 billion ($3.19 per common share) in the prior year quarter.

Oil sands generated $3.26 billion in adjusted funds from operations in the third quarter of 2022, compared to $1.745 billion in the prior year quarter. Production from the company’s Oil sands assets has also increased by over 40,000 barrels a day (bbl/d), measuring up to 646,000 bbl/d in 2022, as opposed to 605,100 bbl/d in 2021.

“As we drive the focus of the company on operational execution, we delivered $4.5 billion in adjusted funds from operations in the third quarter, the second highest in the company’s history, driven by strong refinery throughput in the downstream, delivery of solid upstream production as we executed planned maintenance, consistent with what we have previously communicated, and a solid business environment,” said Kris Smith, interim president and
CEO.

For more information, visit www.suncor.com.

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