Suncor Energy's Q1 2024 net income decreased to $1.61B from $2.05B in Q1 2023, despite record upstream production and refining throughput.

Suncor Energy reported a Q1 2024 net income of $1.61 billion, a decrease from $2.05 billion in Q1 2023. The company's upstream production reached a record of 835,000 barrels per day, including an all-time high oilsands production of 785,000 barrels per day. Suncor also achieved record refined product sales of 581,000 barrels per day and its highest-ever first-quarter refining throughput at 455,000 barrels per day with 98% overall refinery utilization. The results were attributed to increased oilsands sales volumes and refinery production, despite lower price realizations and higher oilsands royalties.

May 07, 2024
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