The Suncor Energy Centre picture in downtown Calgary, Alta., Friday, Sept. 16, 2022.THE CANADIAN PRESS/Jeff McIntosh
Suncor Energy Inc. reported a fourth-quarter profit of $2.82 billion in 2023, slightly higher than the $2.74 billion recorded in the same period of 2022.
The Calgary-based oil company revealed that its net earnings for the quarter ending on December 31 amounted to $2.18 per common share. This figure includes a non-cash gain of $1.12 billion resulting from Suncor's acquisition of TotalEnergies' Canadian oilsands operations.
On an adjusted basis, Suncor disclosed that its operating earnings stood at $1.63 billion, equivalent to $1.26 per common share in the fourth quarter, in contrast to $2.43 billion in the previous year's quarter. The decline, the company explained, was mainly attributable to reduced crude oil prices and a less favorable business environment.
During the quarter, Suncor achieved a total upstream production of 808,100 barrels of oil equivalent per day, marking the second-highest quarter in the company's history. Furthermore, its oilsands production reached an all-time high of 757,400 boe/d.
In addition to its financial results, Suncor announced on Wednesday that Michael Wilson, the current board chair, would retire effective March 15. Wilson will be succeeded by Russ Girling, the former CEO of TC Energy Corp., who has been a member of Suncor's board since 2021.
