Refining Helps Suncor and Cenovus Post Record Results |
Suncor set a cash-flow record while Cenovus topped one million barrels of oil equivalent a day |
Strong refining results helped two of Canada’s biggest oil producers reach different milestones in the third quarter: Suncor generated record cash flow, and Cenovus topped one million barrels of oil equivalent a day for the first time.
Suncor reported $6.7 billion in adjusted funds from operations for the quarter ended Sept. 30, up 75 per cent from a year earlier.
Its profit more than doubled to $3.8 billion, and refined-fuel sales averaged a third-quarter record of about 677,000 barrels a day.
During a 37-day maintenance project at Suncor’s Edmonton refinery, an employee’s idea kept roughly 46,000 barrels a day moving through the plant and added more than $50 million to free cash flow, CEO Rich Kruger told analysts.
Suncor raised its quarterly dividend by 10 per cent and increased monthly share buybacks from $500 million to $750 million.
Cenovus’s earnings rose from $2.9 billion in the previous quarter to $3.4 billion as three oilsands projects set production records and refining profits nearly doubled.
Cenovus returned $1.9 billion to shareholders, mostly through share buybacks. |


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Curious about that employee idea at the Edmonton refinery. 50 million dollars from one suggestion during a maintenance shutdown is pretty wild.
Record cash flow and they raise the dividend too. Good time to be holding Suncor shares.