Suncor Energy reports third quarter net earnings of $1.69 billion
Oct 31, 2013 / 12:42 pm
CALGARY - Suncor Energy Inc. (TSX:SU) says it recorded net earnings were $1.69 billion, or $1.13 per common share, for the third quarter, compared with $1.54 billion, or $1.01 per common share, in the third quarter of 2012,
The Calgary-based energy giant credits record production in the oil sands segment and favourable pricing for western Canadian crude oil.
Suncor says it logged record average quarterly production of 396,400 barrels per day at its oil sands operations and lower cash operating costs of $32.60 per barrel.
During the quarter, Suncor completed the sale of a significant portion of its natural gas business in Western Canada for proceeds of $1 billion, before adjustments and other closing costs, resulting in an after-tax gain of $130 million.
On Wednesday, Suncor announced that its Fort Hills oil sands mining project received sanction. The project is expected to provide Suncor with up to 73,000 barrels a day of bitumen, with the first oil expected by the fourth quarter of 2017.
"This quarter's results reflect a significant step forward in our drive to increase profitability," said Steve Williams, president and chief executive officer.
"We achieved record oil sands production in the quarter as a result of debottlenecking activities that unlocked production in our mining operations, increased our operational flexibility and added incremental barrels at a low cost."
Read more Business News
|QHR Technologies Inc||1.28||+0.09|
|Anavex Life Sciences||0.38||0.00|
|Copper Mountain Mining||1.54||-0.01|
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
Recently I recorded a video series for my keynote speaking business. It was called from Faith to Future. In one of the episodes, I talked about the concept of using hard work to get out of a difficul...
- Spotify to allow users to create playlists on phones and tablets and listen to them for free
- US lurching from 'crisis to crisis,' politics influenced by money: Gary Doer
- Governments offers help to develop seal products in backing Atlantic industry
- Precision Drilling shares plummet as Alberta fund manager sells stake
- Most actively traded companies on the TSX, TSX Venture Exchange markets
- CIBC logs $836M profit in Q4, cautiously optimistic about next year
- Auto insurers urge holiday season refresher as young drivers return home
- Canadian Press NewsAlert: Canada creates 21,600 jobs, Nov. jobless rate 6.9%
- New CEO will help prepare Royal Bank for future, as divisions feel the pressure
- TD Bank Q4 profit rises to $1.62 billion, adjusted earnings up but miss estimate
- TSX drops 105 points amid mixed earnings from RBC, TD and CIBC, Fed concerns
- Loonie advances, traders look to Canadian, U.S. jobs data being released Friday