Suncor posts strong earnings results for Q4 2024
Suncor Energy Inc. reported its fourth-quarter 2024 earnings, posting net earnings were $818 million ($0.65 per common share) in the fourth quarter of 2024, compared to $2.820 billion ($2.18 per common share) in the prior year.
Suncor also posted operating earnings were $1.57 billion, down from $1.64 billion a year earlier.
Suncor also reported its refinery crude throughput increased to 486,200 barrels per day and its refinery utilization was 104%, compared with 455,900 barrels per day and 98% last year.
"Suncor's fourth quarter was about finishing an exceptional year strong and building momentum for 2025," said Rich Kruger, Suncor's president and chief executive officer in a written statement on the release of the results. "Performance records were set across the company in both the quarter and for the full year, including records in upstream production, refining throughput, refined product sales and asset utilization. In addition, personnel safety and operational integrity were at or near best-ever annual performance levels.
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During an analyst briefing, Kruger singled out the improved performance across the refining operations.
“Monthly, quarterly and annual records were set across the company led by fire back at 234,000 barrels a day in 2024 up 17,000 barrels a day or 8% year on year,” he said. “Over the last two years, [Firebag] added 35,000 barrels a day or 18%. It is our most profitable asset and internally known as the gift that keeps on giving refining throughput [of] 465,000 barrels a day. Again, far and away the best year in our history, with 24,000 barrels a day or five and a half per cent better than our previous best and 44,000 barrels a day or 10 and a half per cent higher than 2023.”
The Calgary-bases Suncor operates as an integrated energy company, with operations in oil sands development, offshore oil and gas exploration and productions and petroleum refining in Canada and the U.S. It also operates the Petro-Canada retail and wholesale distribution networks.
