Canada’s Suncor Energy beat Wall Street estimates for first-quarter adjusted profit on Tuesday, boosted by higher commodity prices.
The quarter was marked by geopolitical uncertainty and extreme volatility in global oil prices, which have surged over 87% this year, after the U.S.-Israeli war in Iran disrupted supply chains and damaged key energy infrastructure.
Canadian oil and gas producers have been steadily boosting output while lowering costs. Suncor and its peers have outperformed many global rivals amid macro uncertainty due to years of investment, making them North America’s lowest-cost operators.
Suncor’s upstream quarterly production rose to 875,000 barrels per day from 853,000 bpd a year ago.
Its refinery throughput rose by 15,000 bpd to 498,000 bpd during the quarter.
The Calgary, Alberta-based company posted an adjusted profit of C$1.93 ($1.42) per share for the quarter ended March 31, compared with analysts’ average estimate of C$1.79 per share, according to data compiled by LSEG.
(Reporting by Anushka Chourasia in Bengaluru; Editing by Tasim Zahid)