May 28, 2024

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Commerce City shutdown eats into Suncor production, profits still exceed expectations

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DENVER (KDVR) — The Commerce City Suncor refinery’s temporary shutdown did make a dent in Suncor’s bottom line, but the Canadian oil and gas company still performed better than expected in the first quarter of 2023.

According to Reuters, Suncor’s profits outperformed expectations since energy demand has been strong globally. Analysts expected earnings of $1.32 Canadian dollars per share, but the company earned $1.36 Canadian dollars per share instead.

Still, profits were down in the first quarter of 2023 by nearly $700 million. Some of this was due to expenses related to Suncor’s Commerce City refinery.

Suncor’s expenses were about $400 million more in the first quarter of…

DJ Summers

2023-05-09 12:16:35

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