October 26, 2017 / 12:24 AM / a year ago

Suncor reports better-than-expected third quarter profit

CALGARY, Alberta, Oct 25 (Reuters) - Suncor Energy Inc , Canada’s second-largest energy producer, reported a higher-than-expected third-quarter profit on Wednesday due to record oil sands production and strong refinery output.

The Calgary-based company reported net earnings of C$1.289 billion ($1.01 billion), or 78 Canadian cents per share in the three months ended Sept. 30. In the year-prior quarter net earnings were C$392 million, or 24 Canadian cents per share.

Suncor’s operating profit, which excludes one-time items, was C$867 million, or 52 Canadian cents per share, in the third quarter, from C$346 million, or 21 Canadian cents per share, in the year-ago period.

Analysts had predicted earnings of 36 Canadian cents per share, according to Reuters data.

Suncor produced a quarterly record of 739,900 barrels of oil equivalent per day in the third quarter of 2017, up from 728,100 boepd in the same period a year earlier.

Refinery throughput was 466,800 barrels per day, compared to 465,600 bpd in the year-prior quarter. ($1 = 1.2800 Canadian dollars) (Reporting by Nia Williams; Editing by Sandra Maler)

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