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Oilsands major Suncor Energy Inc. beat analyst expectations for production and cash flow in strong third-quarter results Tuesday, despite flagging crude prices.
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Canada’s largest integrated oil producer said increased production and sales volumes, as well as strong refinery performance, helped offset weaker oil prices in the three months ended Sept. 30.
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The company posted adjusted earnings of $1.79 billion, or $1.48 a share, roughly flat from a year earlier, even as crude prices averaged nearly 14 per cent lower than a year ago.
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Suncor’s earnings, along with recent results from rivals Imperial Oil Ltd. and Cenovus Energy Inc., suggest the oilsands sector remains resilient even as crude prices soften, pressured by OPEC+ output hikes and concerns over the economic impact of U.S. President Donald Trump’s tariffs.
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The opening of the Trans Mountain Pipeline expansion (TMX) last year, which market watchers say has narrowed discounts on Canadian heavy crude, continues to support earnings.
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Suncor’s third-quarter adjusted funds from operations (AFFO) — one of the company’s preferred cash-flow metrics and a measure of cash available to pay dividends — climbed to $3.83 billion, up from $3.78 billion a year earlier, topping analysts’ forecasts.
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The company increased its dividend by five per cent to 60 cents per share.
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“Once again we achieved record quarterly results across our businesses, reflecting an unwavering commitment to operational excellence and high performance,” Suncor president and chief executive Rich Kruger said in a statement Tuesday.
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“Our people continue to deliver shareholder value with a culture that every barrel and every dollar matters. Underpinned by our integrated business model, we are elevating overall performance and generating higher, more reliable, and more ratable free cash flow with less volatility and dependence on the external business environment.”
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More to come…
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