Suncor Energy (TSX:SU) generated $2.7 billion in funds from operations and $1.1 billion of operating earnings during the third quarter.
Suncor Energy (TSX:SU) generated $2.7 billion in funds from operations and $1.1 billion of operating earnings during the third quarter. Unless otherwise noted, all financial figures are unaudited and are presented in Canadian dollars.
As quoted in the press release:
Suncor’s total upstream production was 762,300 barrels of oil equivalent per day (boe/d) during the third quarter of 2019, compared to 743,800 boe/d in the prior year quarter. The increase was primarily due to higher production at Syncrude and the ramp up of Fort Hills and Hebron production throughout 2018, partially offset by the impact of planned maintenance and mandatory production curtailments in the province of Alberta, which began January 1, 2019 and an unplanned outage at Hibernia, which was resolved by the end of the third quarter.
During the third quarter of 2019, the company was able to leverage its unique footprint and asset flexibility to maximize the value of its allotted barrels under the mandatory production curtailment program, focusing on higher value synthetic crude oil (SCO) production through the transfer of curtailment allotment credits among the company’s assets. Given our planned maintenance, there was limited availability and opportunity to purchase production quotas from other operators in the quarter.