Suncor Earns $868M In Second Quarter, Record Production Levels

Suncor Energy is continuing to have a strong 2021.

The oil company gave their second quarter update on Wednesday which highlighted net earnings of $868 million.

Last year, during the same three month stretch, they lost $614 million. This was due to the COVID-19 pandemic and downturn in the economy.

In the first six months of the year, Suncor has generated nearly $1.7 billion dollars in earnings.

As for production, they were able to produce just under 700,000 barrels of oil equivalent per day.

This is an increase of roughly 45,000 barrels a day year-over-year.

“In the first half of 2021, we achieved strong Oil Sands Base mining and upgrading production and consecutive quarterly production records at In Situ leading to the best start to the year in the company’s history at Oil Sands operations,” said Mark Little, Suncor’s President and CEO.

The company was also able to complete turnaround maintenance at multiple sites including Syncrude.

They did delay the annual work at their Base Plant, north of Fort McMurray, as COVID-19 numbers were high in the region at the time.

Suncor is planning to provide an update on this work during their third-quarter update.

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