- Suncor Energy (TSX:SU) reported C$818 million earnings in Q4 2024, a significant decrease from C$2.82 billion in the same period last year
- Despite the drop in earnings, Suncor saw an increase in upstream production, reaching approximately 875,000 barrels of oil equivalent per day, up from 808,100 barrels per day in the prior year’s quarter.
- The company’s refinery crude throughput also rose to 486,200 barrels per day, with a refinery utilization rate of 104 per cent, compared to 455,900 barrels per day and a 98 per cent utilization rate a year earlier
- Suncor Energy stock (TSX:SU) last traded at C$55.44
Suncor Energy (TSX:SU) announced its Q4 2024 financial results, reporting earnings of C$818 million, a significant decrease from C$2.82 billion in the same period last year. This decline in earnings translates to 65 cents per common share, down from C$2.18 per share in Q4 2023.
Despite the drop in earnings, Suncor saw an increase in upstream production, reaching approximately 875,000 barrels of oil equivalent per day, up from 808,100 barrels per day in the prior year’s quarter. The company’s refinery crude throughput also rose to 486,200 barrels per day, with a refinery utilization rate of 104 per cent, compared to 455,900 barrels per day and a 98 per cent utilization rate a year earlier.
Adjusted operating earnings for the quarter were C$1.57 billion, slightly down from C$1.64 billion in the same quarter last year. Suncor blamed the lower adjusted operating earnings to several factors, including lower refined product realizations and increased royalties due to higher heavy crude price realizations.
“Performance records were set across the company in both the quarter and for the full year, including records in upstream production, refining throughput, refined product sales and asset utilization,” Rich Kruger, Suncor’s President and CEO explained in a news release. “In addition, personnel safety and operational integrity were at or near best-ever annual performance levels. Suncor’s people, company-wide, delivered by working in a team-based, results-oriented manner. Looking ahead in 2025, we remain committed to continuing to deliver high performance results with safe, reliable and cost-effective operations to achieve our free cash flow targets and create superior shareholder value.”
Suncor continues to navigate the challenges of the energy market while focusing on optimizing production and refining operations.
Suncor is a Canadian integrated energy company, including oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the Petro-Canada retail and wholesale distribution networks.
Suncor Energy stock (TSX:SU) last traded at C$55.44 and has climbed 28.18 per cent since this time last year.
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(Top image via Suncor Energy Inc.)
