Business

Suncor shares rise after posting second-highest quarter for oil output

Published

10 months ago

January 4, 2024

CALGARY — Suncor Energy Inc.’s share price jumped Wednesday as the company reported its fourth quarter oil output was its second-highest quarter ever.

The Calgary-based company announced upstream production in the fourth quarter of 2023 of 808,000 barrels per day. With the strong fourth-quarter output, Suncor said it has met its corporate forecast provided in November 2022 and recorded an annual average upstream production of 746,000 barrels per day.

Suncor’s December production averaged more than 900,000 barrels per day, the company’s best single month performance ever.

The company’s stock price rose on the news, closing 5.93 per cent higher on Wednesday at $45.34.

The strong production numbers come less than a year after former Imperial Oil head Rich Kruger was named Suncor’s new CEO, with a mandate to improve the company’s flagging fortunes. The company had been under pressure from investors for its lagging share price, as well as a string of operational and safety issues.

Kruger said in a news release Wednesday that Suncor’s newly announced production numbers are the result of a heightened focus on “the fundamentals of safety, operational excellence and reliability.”

“This is a tangible example that when we set a commitment, we will be laser focused on meeting it,” he said.

In a memo to clients, Eight Capital analyst Phil Skolnick said Suncor ended the year on a “very strong note.”

“We believe it provides a good degree of confidence in the performance potential of the overall asset base,” he said.

As part of its wider efficiency push, Suncor completed 1,500 job cuts in 2023, a move the company said is expected to save $450 million per year.

Suncor’s fourth-quarter output was the result of 758,000 barrels per day of oilsands production and 50,000 barrels per day from the company’s exploration and production operations, including the ramp-up at the Terra Nova offshore oilfield.

Suncor’s net synthetic crude oil production was 476,000 barrels per day and net non-upgraded bitumen production was 282,000 barrels per day resulting in total oilsands production of 758,000 barrels per day for the quarter.

Suncor said its downstream operations posted average refining utilization of 97 per cent in the fourth quarter.

The company is scheduled to release its fourth-quarter financial and operating results on Feb. 21.

This report by The Canadian Press was first published Jan. 3, 2024.

Companies in this story: (TSX:SU)

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

11 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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