WRAPUP 1-Refining bonanza pumps up Canada energy results

Thu Nov 1, 2012 3:35pm EDT
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* Profit beats Street across the board on refining margin

* Suncor operating profit C$0.85 versus est. C$0.78

* Imperial profit C$1.22 versus est. C$1.08

* Husky profit excl. items C$0.52 versus est. C$0.40

* Shares of all three up 3 percent in Toronto

By Jeffrey Jones

CALGARY, Alberta, Nov 1 (Reuters) - Canada's large integrated oil companies pocketed hefty returns at their refineries in the third quarter, lifting profit well beyond expectations and prompting investors to bid their shares sharply higher on Thursday.

Suncor Energy Inc, Imperial Oil Ltd and Husky Energy Inc all took advantage of a wide gulf between the discounted price of oil in the glutted North American interior and expensive imported barrels, a benefit that showed up in an important measure known as the refining margin.

That spread has been building for the past year as booming production in both Canada and the United States has flooded the market in the U.S. Midwest and Midcontinent regions.   Continued...