Suncor Profit Down Despite Higher Production

August 16, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Like other oil producers, Suncor Energy Incorporated's (NYSE:SU) (Calgary, Alberta) second-quarter 2023 net profit was down from the prior year due to lower commodities prices. The decline comes despite higher production than in the prior-year quarter. In the company's refining segment, crude oil throughput also was up.

Suncor reported second-quarter net earnings of C$1.88 billion (US$1.39 billion), compared with C$4.0 billion (US$2.97 billion) in second-quarter 2022. Industrial Info is tracking more than US$21.3 billion worth of active Suncor projects as the company strives to maintain its output and increase efficiencies across its upstream, midstream and downstream operations.