Canada’s integrated oil and gas firm Suncor Energy beat third-quarter profit estimates on Tuesday, as higher production helped offset lower prices.
Canadian oil producers are also gaining from the expanded Trans Mountain pipeline, which opens access to global markets and lessens their dependence on the U.S. pipeline system.
The company’s total upstream production was at 870,000 barrels per day in the quarter, compared with 828,600 bpd a year earlier.
Crude prices averaged $68.33 per barrel in the July-September quarter, down more than 13% from a year earlier, after OPEC+ accelerated output hikes and raised concerns about oversupply.
The company reported an adjusted profit of C$1.48 per share for the quarter ended September 30, compared with the analysts’ average estimate of C$1.08 per share, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Alan Barona)