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Suncor Posts Net Earnings Of $1.35B In First Quarter Of 2017

Fort McMurray, AB, Canada / MIX 103.7
Suncor Posts Net Earnings Of $1.35B In First Quarter Of 2017

Suncor Energy’s production increased in the first quarter of 2017.

The Calgary-based company posted net earnings of $1.35 billion, compared with $275 million in the prior year quarter.

In the first quarter report, Suncor highlights a production increase of 4, 500 bbls/d to 448, 400 bbls/d, from to 453, 000 bbls/d in the prior quarter.

Suncor says Syncrude production also increased to 142,100 bbls/d from 112,800 bbls/d in the prior quarter, due to additional ownership interests acquired during 2016, partially offset by fire at Syncrude’s Mildred LakeĀ upgrader.

Meanwhile, the oilsands giant says construction of the Fort Hills project, located 90 km north of Fort McMurray, exceeded 80 per cent at the end of the first quarter of 2017, with the mining, ore processing plant and key infrastructure assets being handed over to operations in the period.

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