Suncor Energy Inc. says it earned a net profit of $877 million in its latest quarter as it continued to pay down debt and ramp up production in the wake of higher oil prices.
The producer and refiner reported after markets closed on Wednesday that it earned 59 cents per common share in the third quarter of 2021, compared to a net loss of $12 million or one cent per common share in the third quarter of 2020.
The company says it will double its dividend as of Dec. 24, 2021, to 42 cents per common share from 21 cents per share, thanks to strong performance and higher than expected commodity prices.
Its operating earnings increased to $1.043 billion or 71 cents per common share, compared to an operating loss of $338 million or 22 cents per common share in the same period last year.
Suncor’s total upstream production for the quarter ended Sept. 30 was 698,600 boe/d, compared to 616,200 in the same quarter a year ago.
Suncor’s refinery business reported $947 million in funds from operations in the third quarter, compared to $594 million in the same quarter the year before.
The company says it reduced its net debt by $2 billion in the third quarter and has reduced its net debt by a total of $3.1 billion since the beginning of 2021.
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