Suncor Energy reports 2010 third quarter results

Suncor Energy Inc. (TSX:SU) reports third quarter 2010 net earnings of $1.022 billion.

The press release is quoted as saying:

The increase in operating earnings was primarily due to additional upstream production and higher benchmark prices in the third quarter of 2010 compared to the third quarter of 2009. Higher benchmark prices were partially offset by the widening of light/heavy crude differentials and the stronger Canadian dollar relative to the U.S. dollar. Cash flow from operations was $1.630 billion ($1.04 per common share) in the third quarter of 2010, compared to $574 million ($0.43 per common share) in the third quarter of 2009. The increase in cash flow from operations was primarily due to higher production volumes as well as higher realized prices. Suncor’s total upstream production during the third quarter of 2010 averaged 635,500 boe per day, compared to 531,800 boe per day in the third quarter of 2009.

Click here to access the entire press release