The third quarter of 2020 was much kinder to Suncor Energy.
After posting net losses of $3.5 billion and $614 million in the first two quarters, the oil company announced on Wednesday they lost $12 million from July to September.
A big reason for the increase comes from the rise in funds from operations which was over $1.1 billion in the third quarter.
Due to this, the company believes they’ll be able to reach one billion dollars of free annual cash flow by 2023.
“Although the pandemic continues to have adverse impacts on our industry, we remain focused on items within our control, including the safety of our workforce and communities, and structural changes that lower our cost base, preserve the financial resiliency of the company and set the foundation for long-term value creation,” said Mark Little, Suncor President, and CEO.
As for production, Suncor averaged 616,000 barrels of oil equivalent per day, down from the 762,000 they produced year-over-year.
Despite storage issues and the COVID-19 pandemic, they were able to utilize 87 per cent of their refineries.
The company was also to near completion on the Suncor/ Syncrude interconnect pipeline and the full deployment of the autonomous haul trucks at Fort Hills.