Suncor earns $1.88 billion in Q2; takes restructuring charge related to layoffs
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 14/08/2023 (816 days ago), so information in it may no longer be current.
CALGARY – Suncor Energy Inc. says it earned $1.88 billion in the second quarter of 2023, down from approximately $4 billion in the same period last year when oil prices were higher.
The Calgary-based energy giant says it took a $275-million restructuring charge in the quarter related to its previously announced plans to cut 1,500 jobs by the end of the year.
As a result of this restructuring charge, Suncor says its adjusted funds from operations for the three months ended June 30, 2023, amounted to $2.7 billion or $2.03 per share, compared to $5.3 billion or $3.80 per share in the prior year’s quarter.
Suncor’s total upstream production increased year-over-year due to fewer planned maintenance activities, to 741,900 barrels of oil equivalent per day in the second quarter of 2023 from 720,200 in the second quarter of 2022.
Refinery crude throughput was 394,400 barrels per day and refinery utilization was 85 per cent in the second quarter of 2023, compared to 389,300 barrels per day and 84 per cent in the prior year’s quarter.
The company suffered a high-profile cybersecurity incident in June but says the breach did not have an effect on its financial results for the quarter.
This report by The Canadian Press was first published Aug. 14, 2023.
Companies in this story: (TSX:SU)