Suncor Energy beats Q3 profit estimates on higher production, raises dividend
Canada's Suncor Energy raised its quarterly dividend on Tuesday after the integrated oil and gas firm beat estimates for third-quarter profit, as it benefited from higher oil production and demand for refined products.
Data from the US Energy Information Administration showed that the country's total oil consumption rose in July to the highest seasonal level since 2019.
In July, gasoline demand was also at the highest seasonal levels since 2019, whereas jet fuel demand was the highest for any month since August 2019.
The Canadian firm's quarterly upstream production was up 20% at 828 600 barrels per day (bpd), from the previous year and refinery utilisation was up at 105%, with throughput of 487 600 bpd.
Last year, Suncor completed the acquisition of French energy firm TotalEnergies' TTEF.PA Canadian operations for C$1.47-billion ($1.07-billion) to bolster its bitumen production capacity.
Its total oil sands bitumen production in the quarter ended September 30 was at 909 600 bpd, up 15.6% from the previous year.
The company also raised its quarterly dividend by 5% to 57 Canadian cents per share, from the prior quarter.
The company reported an adjusted profit of C$1.48 ($1.06) per share for the three-month period, compared with analysts' average estimate of C$1.08 per share, according to data compiled by LSEG.
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