Suncor Energy Inc. says it earned $1.88 billion within the second quarter of 2023, down from roughly $4 billion in the identical interval final yr when oil costs had been larger.
The Calgary-based vitality big says it took a $275-million restructuring cost within the quarter associated to its beforehand introduced plans to chop 1,500 jobs by the tip of the yr.
As a results of this restructuring cost, Suncor says its adjusted funds from operations for the three months ended June 30, 2023, amounted to $2.7 billion or $2.03 per share, in comparison with $5.3 billion or $3.80 per share within the prior yr’s quarter.
Suncor’s complete upstream manufacturing elevated year-over-year on account of fewer deliberate upkeep actions, to 741,900 barrels of oil equal per day within the second quarter of 2023 from 720,200 within the second quarter of 2022.
Refinery crude throughput was 394,400 barrels per day and refinery utilization was 85 per cent within the second quarter of 2023, in comparison with 389,300 barrels per day and 84 per cent within the prior yr’s quarter.
The firm suffered a high-profile cybersecurity incident in June however says the breach didn’t affect its monetary outcomes for the quarter.
