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- Canada's Suncor Energy beat first-quarter profit estimates on Tuesday as the integrated oil and gas firm benefited from demand for refined products and higher oil production.
Demand for refined products remained high in the quarter as outages at Russian refineries following Ukrainian attacks and heavy refinery turnaround tightened fuel supplies to global markets.The company said it achieved the highest-ever first-quarter refining throughput at 455,300 barrels per day , up 23.8% from a year ago.Earnings were also helped by growing demand for oil in the U.S.
Canada's second-biggest oil producer said total upstream production was up at 835,300 bpd in the quarter, up 12.6% from a year earlier. The company reported adjusted operating earnings of C$1.41 per share for the quarter ended March 31, compared with analysts' average estimate of C$1.29, according to LSEG data.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.
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