Canadian oil and gas producer Suncor Energy Inc (SU.TO) reported first-quarter profit on Monday after a loss in the previous quarter, helped by a rebound in oil prices from last year’s pandemic-triggered lows and cost-cutting measures.
Like many other companies, Suncor is capitalizing on a rebound in oil prices fueled by a rebound in global fuel demand after it was cut in 2020 by the coronavirus lockdown.
But the pandemic continues to rage in certain parts of the world, and demand prospects remain uncertain.
Canada’s second-largest oil producer said total production rose to 785,900 boe per day (boe / d) in the first quarter ended March 31, from 769,200 boe per day the previous quarter.
CEO Mark Little said strong performance and free flow of funds helped reduce total debt by C $ 1.1 billion ($ 895.77 million) and buy back more than C $ 300 million in common stock this quarter.
The company posted net income for the period of CAD 821 million, or CAD 54 per share, compared with a loss of CAD 168 million, or CAD 11 per share, in the quarter ended December 31.
(1 dollar = 1.2280 Canadian dollars)
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