Suncor Posts Net Earnings of $789M in First Quarter

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Suncor Posts Net Earnings of $789M in First Quarter

A decrease in production isn’t stopping Suncor Energy from posting a pretty profit to start the year.

The Calgary-based company released its first-quarter results on Wednesday which showed they brought in $789 million in net earnings – producing 404,800 bbls/d.

Both sets of numbers are down year over year as the company posted a profit of $1.35 billion while producing 448,400 bbls/d in 2017.

Meanwhile, production at their Fort Hills Site, north of Fort McMurray, continues to ramp up. They’ve averaged 29,800 bbls/d ever since they first started producing bitumen back in January.

Fort Hills is expected to reach 90 per cent capacity by the end of the year – producing 194,000 bbls/d when it’s at its maximum.

"Production from [Fort Hills] and strong In Situ performance helped mitigate the impact of operational challenges at Oil Sands Base and Syncrude,” said Steve Williams, Suncor President and CEO.

As for Syncrude, production increased slightly from this time last year sitting at 142,300 bbls/d – a rise of 200 barrels. In their report, Suncor says the numbers would have been higher, especially after they increased their stake in the company, but they faced constrained capacity on a bitumen feed line and had pushed up an upgrader turnaround.
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