October 27, 2016 / 12:27 AM / 2 years ago

Suncor reports Q3 profit on higher production, refinery throughput

CALGARY, Alberta, Oct 26 (Reuters) - Suncor Energy Inc , Canada’s largest oil and gas company, on Wednesday reported a better-than-expected third-quarter profit thanks to strong upstream production and record crude throughput at its refineries.

The company reported net earnings of C$392 million ($293 million), or 24 Canadian cents per share. In the year-prior quarter the company recorded a net loss of C$376 million, or 26 Canadian cents per share.

Suncor’s operating profit, which excludes one-time items, was C$346 million, or 21 Canadian cents per share, in the third quarter, from operating earnings of C$410 million, or 28 Canadian cents per share, in the year-ago period.

Analysts had predicted earnings of 9 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Suncor produced a total of 728,100 barrels of oil equivalent per day, up from 566,100 boepd in the third quarter of 2015, primarily due to its acquisition of a greater share of the Syncrude project in northern Alberta. ($1 = 1.3383 Canadian dollars) (Reporting by Nia Williams; Editing by Lisa Shumaker)

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