A decrease in production isn’t stopping Suncor Energy from posting a pretty profit to start the year.
The Calgary-based company released its first-quarter results on Wednesday which showed they brought in $789 million in net earnings – producing 404,800 bbls/d.
Both sets of numbers are down year over year as the company posted a profit of $1.35 billion while producing 448,400 bbls/d in 2017.
Meanwhile, production at their Fort Hills Site, north of Fort McMurray, continues to ramp up. They’ve averaged 29,800 bbls/d ever since they first started producing bitumen back in January.
Fort Hills is expected to reach 90 per cent capacity by the end of the year – producing 194,000 bbls/d when it’s at its maximum.
“Production from [Fort Hills] and strong In Situ performance helped mitigate the impact of operational challenges at Oil Sands Base and Syncrude,” said Steve Williams, Suncor President and CEO.