Canada’s Suncor Energy SU-T beat Wall Street estimates for fourth-quarter profit on Wednesday, as the oil and gas producer was helped by higher production.
The company posted adjusted operating earnings of C$1.26 per share for the three months ended Dec. 31, compared with analysts’ average estimate of C$1.05 per share, according to LSEG data.
Suncor reported fourth-quarter total upstream production of 808,100 barrels of oil equivalent, compared with 763,100 barrels of oil equivalent in Q4 2022.
“Upstream reliability across our operations was at or near record highs, achieving the second highest quarterly total production in the company’s history and the highest quarterly Oil Sands production,” said CEO Rich Kruger.
The company had said in January its upstream production was 808,000 barrels per day (bpd) in the fourth quarter, driven by strong output at its Firebag and Fort Hills assets.
Suncor also restarted production at the Terra Nova offshore vessel in November.
Canadian oil sands production has been on the rise with companies raising output keeping in mind the Trans Mountain pipeline expansion, expected to start this year.