Business · Companies · 4 hrs ago
Suncor profit beats estimates as higher oil prices lift revenue
Suncor Energy earned $3.97 per share in adjusted operating profit in the third quarter, beating analysts’ average estimate of $3.28.
The Calgary-based oil and gas producer benefited from higher oil prices during the Iran war, which has disrupted global energy supplies.
Brent crude averaged $89.27 a barrel, 31 per cent more than a year earlier.
Suncor’s oil sands revenue rose 32 per cent, even though its production fell 2 per cent to 852,500 barrels a day.
Refining revenue climbed more than 65 per cent as refiners earned more from processing each barrel of crude, while refinery throughput slipped slightly.
Suncor also announced a 66-cent quarterly dividend, payable Dec.
24, and said it had agreed to sell three offshore Canadian oil interests for $1.2-billion and raise monthly share repurchases to $750-million from $500-million.
Suncor Energy reported third-quarter adjusted operating profit of $3.97 per share, above analysts’ average estimate of $3.28.
Higher oil prices and stronger refinery margins helped offset lower production and refinery throughput.
Revenue from oil sands production rose 32 per cent to $9.32-billion, while refining revenue increased more than 65 per cent to about $13.4-billion.
Brent crude averaged $89.27 per barrel, up 31 per cent from a year earlier.
The company announced a quarterly dividend of 66 cents per share, a 10-per-cent increase from the prior quarter.
- Who
- Suncor Energy, an integrated oil and gas producer.
- What
- It reported third-quarter adjusted operating profit above analysts’ estimates.
- When
- The results were reported on Tuesday, Nov. 3, 2026. The quarter ended Sept. 30.
- Where
- Calgary-based Suncor operates in Canada; the results covered its oil sands and refining operations.
- Why
- Higher oil prices and stronger refinery margins helped offset lower production and throughput volumes.
This story does not have two clearly opposing sides.
Suncor recorded adjusted operating profit of $3.97 per share for the quarter.
Suncor agreed to sell interests in three offshore Canada oil assets to Ithaca for $1.2-billion and increased monthly share repurchases from $500-million to $750-million.
Suncor reported third-quarter results that exceeded analysts’ average profit estimate.
Suncor’s announced quarterly dividend of 66 cents per share is payable.
- Adjusted operating profit
- $3.97 per share
- Analysts’ average estimate
- $3.28 per share
- Brent crude average
- $89.27 per barrel, up 31 per cent year over year
- Oil sands production revenue
- $9.32-billion, up 32 per cent
- Refining revenue
- About $13.4-billion, up more than 65 per cent
- Quarterly dividend
- 66 cents per share, payable Dec. 24