May 1, 2019 / 11:22 PM / 7 months ago

Suncor Energy Q1 profit soars 86.3 pct on improved Canadian heavy crude pricing

May 1 (Reuters) - Suncor Energy Inc reported a 86.3 percent rise in first quarter profit on Wednesday, benefiting from improved Canadian heavy crude pricing on the back of Alberta’s mandated output cuts.

The company said net earnings rose to C$ $1.209 billion or $0.93 Canadian cents per share in the three months ended March 31, from C$789 million or 48 Canadian cents, a year earlier.

Total upstream production rose to 764,300 barrels of oil equivalent per day (boe/d) from 689,400 boe/d. (Reporting by Debroop Roy and Philip George in Bengaluru and Nia Williams; Editing by Sandra Maler)

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