Suncor posts record quarterly operating income of $1.3B
Suncor Energy has posted a record $3.14 billion ($1.94 per share) for Q3 2018. Cash flow provided by operating activities was $4.37 billion ($2.70 per share) including changes in non-cash working capital. Operating earnings were $1.56 billion ($0.96 per share) and net earnings were $1.81 billion ($1.12 per share).
Suncor’s oilsands operations reached a record high – 476,100 bbl/d – for the quarter. This figure was supported by operational reliability and record in situ production. As well, the Fort Hills oilsands project reached continuous operation in January 2018, contributing 69,400 bbl/d the company’s third quarter output. The project is now running at 90% of nameplate capacity, production 128,300 bbl/d, gross).
The third quarter also saw Suncor reduce its total debt by $1.2 billion. At the same time it paid out $582 million in dividends to shareholders and repurchased $889 million of shares.