CALGARY — Suncor Power Inc. is reporting first-quarter web earnings that beat analyst expectations because of greater oil costs, file downstream outcomes, extra oilsands manufacturing and a $264-million insurance coverage achieve on its belongings in Libya.
The Calgary-based oilsands producer and refining big says it had web earnings of $1.47 billion or 93 cents per share within the three months ended March 31, up from $789 million or 48 cents in the identical interval of 2018.
That’s properly forward of analyst forecasts of $709 million or 53 cents per share, in keeping with Thomson Reuters Eikon.
Suncor’s working revenue got here to $1.2 billion, in contrast with $985 million within the first quarter of 2018.
The corporate reported common realized costs of $62.92 per barrel at its newly expanded Fort Hills oilsands mine, up from $30.57 within the fourth quarter of 2018, as steep reductions on western Canadian oil costs eased following the Alberta authorities’s imposition of crude manufacturing curtailments as of Jan. 1.
Regardless of this system, it famous complete oilsands manufacturing of 657,000 barrels per day, in comparison with 572,000 bpd a yr earlier, because of positive factors at Fort Hills and better contributions from Syncrude, wherein it has a 58.7 per cent stake.
The corporate says refining and advertising and marketing delivered file working earnings of $1 billion, up from $789 million within the first quarter of 2018.
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