Suncor Energy's adjusted earnings decline 34% year over year

Suncor Energy Inc. says it earned $2.05 billion in the first quarter of 2023, down from $2.95 billion in the same quarter of 2022.

The Calgary-based energy giant's net earnings included a $302-million gain on the sale of the company's wind and solar assets, which the company recently sold to Canadian Utilities Ltd. for $730 million.

On an adjusted basis, Suncor says its operating earnings for the first quarter were $1.81 billion, or $1.36 per common share, a 34% decrease year-over-year.

The company says the decrease in earnings was primarily due to decreased crude oil realizations, increased operating expenses, lower upstream production and refinery throughput and weakening crude oil prices.

Suncor's total upstream production was 742,100 barrels of oil equivalent per day in the first quarter of 2023, compared to 766,100 boe/d in the prior year's quarter.

Refinery crude throughput was 367,700 barrels per day and refinery utilization was 79% in the first quarter of 2023, compared to 436,500 barrels per day and 94% in the prior year quarter.