Prime Highlights:
Suncor Energy reported $818 million in profit for the fourth quarter of 2024, a significant decrease from $2.82 billion in Q4 2023.
The company earned 65 cents per common share, down from $2.18 per share in the same quarter last year.
Adjusted operating earnings were $1.57 billion, a slight decline from $1.64 billion a year earlier.
Key Background:
Suncor Energy Inc. announced an $818 million profit for the fourth quarter of 2024, a decrease from $2.82 billion recorded during the same period in 2023. The Calgary-based energy company reported earnings of 65 cents per share, significantly lower than the $2.18 per share posted in the fourth quarter of the previous year.
The decline in earnings was attributed to lower refined product realizations, increased royalties resulting from higher heavy crude price realizations, and other influencing factors. In comparison to adjusted operating earnings of $1.64 billion in Q4 2023, Suncor’s adjusted operating earnings for the quarter were $1.57 billion.
Despite the earnings dip, Suncor saw an increase in upstream production. The company’s production totaled approximately 875,000 barrels of oil equivalent per day, marking a rise from 808,100 barrels per day in the same quarter last year. Additionally, the company reported a boost in its refinery operations, with crude throughput increasing to 486,200 barrels per day. Refinery utilization also rose to 104 percent, up from 98 percent in the previous year’s fourth quarter.
The performance highlights the ongoing impact of fluctuating market conditions on Suncor’s operations. While the company experienced growth in production and refinery throughput, lower product realizations and rising royalty costs reflected broader challenges in the global energy sector. Looking ahead, Suncor’s efforts to expand upstream production and optimize refinery output will likely continue to be key factors in its strategy to navigate the dynamic oil and gas market.
