Suncor Energy SU-T beat third-quarter profit estimates on Tuesday, as the integrated oil and gas firm benefited from higher oil production and demand for refined products.
Data from the U.S. Energy Information Administration showed that the country’s total oil consumption rose in July to the highest seasonal level since 2019.
In July, gasoline demand was also at the highest seasonal levels since 2019, whereas jet fuel demand was the highest for any month since August 2019.
The Canadian firm’s quarterly upstream production was up 20 per cent at 828,6000 barrels per day (b/d), from the previous year and refinery utilization was up at 105 per cent, compared with 99 per cent in the same period.
The company reported an adjusted profit of $1.48 a share for the quarter ended Sept. 30, compared with analysts’ average estimate of $1.08 a share, according to data compiled by LSEG.