Suncor Energy is seeing an increase in earnings year over year.
In its fourth-quarter update on Wednesday – the Calgary company announced net earnings of more than $1.3 billion for 2017 – up from the $531-million in the final quarter of 2016.
In total, they were able to generate over $3 billion in funds from their operations.
“Strong performance in both our upstream and downstream operations combined to generate record quarterly funds,” said Steve Williams, president and CEO.
“This was significantly higher than our capital and dividend commitments, allowing us to reduce long-term debt and return additional value to shareholders through more than $800 million in share repurchases.”
Production at oilsands operations was also up year over year – which Suncor says is due to improve mining and extraction reliability and record Firebag production.
As for Syncrude, they produced around 173,000 bbls/d, down from last year during the fourth-quarter which saw 187,000 bbls/d. Despite the lower numbers, the oil giant says Syncrude achieved around 94 per cent of expected production for the year, despite the fire at its Mildred Lake Upgrader in March.
Meanwhile, the first of three secondary extraction trains was also brought online at Fort Hills, north of Fort McMurray, subsequent to the end of the quarter.