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Suncor Vitality (NYSE:SU) reported Monday that Q1 adjusted working earnings fell to C$1.81B, or C$1.36/share, from C$2.75B, or C$1.92/share, within the prior-year quarter, however forward of the C$1.32/share analyst consensus estimate.
The corporate stated the drop in earnings was primarily due to decrease crude oil realizations, elevated working bills, decrease upstream manufacturing and refinery throughput, and weaker crude oil costs.
Suncor’s (SU) Q1 complete upstream manufacturing fell to 742.1K boe/day from 766.1K boe/day a yr earlier as a consequence of unplanned upkeep throughout the quarter.
Q1 E&P manufacturing slipped to 67K boe/day from 80.4K boe/day a yr in the past, with the lower due largely to pure declines and asset gross sales at E&P Worldwide.
Refinery crude throughput fell to 367.7K bbl/day and refinery utilization reached 79% within the quarter, in comparison with 436.5k bbl/day and 94% utilization within the prior-year interval, with the decline due primarily to the completion of repairs and subsequent restart actions on the Commerce Metropolis refinery, because the asset returned to operations by the tip of the quarter.
Q1 oil sands manufacturing fell barely to 675.1K bbl/day, which included document quarterly in situ volumes, from 685.7K bbl/day within the year-ago quarter.
Suncor (SU) up to date its steerage for full-year E&P manufacturing to 50K-60K bbl/day from 65K-75K bbl/day, with no change to the corporate’s complete manufacturing vary, reflecting the delay of Terra Nova’s return to manufacturing.
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