Suncor Energy is enjoying another strong quarter – earning profits not seen in years.
The Calgary-based company released its third-quarter results on Wednesday which showed they brought in over $1.8 billion in net earnings.
This is a sizable increase from this time last year where they posted a profit of $1.2 billion, while also nearly double the amount they were able to earn last quarter at $972 million.
"Strong operational performance was foundational to our success in the third quarter, resulting in over $3 billion in funds from operations," said Steve Williams, Suncor President and CEO, in a release.
Overall, Suncor averaged 476,100 barrels per day – a new record for the company.
Syncrude’s production was down year over year, sitting at 106,200 bbls/d compared to 159,100 bbls/d. Suncor notes this is due to the power disruption that shutdown the oilsands for a couple of months.
“We have also worked closely with Syncrude to safely return the asset to normal production rates,” added Williams.
Fort Hills averaged 69,400 bbls/d, with production ‘successfully ramped up to target operating rates of 90 per cent of nameplate capacity.’