Suncor Energy reported a profit of 46 cents per share for its fourth quarter of 2024. Adjusted for non-recurring costs, earnings came to 89 cents per share, exceeding Wall Street expectations.
The company's upstream production rose to 875,000 barrels per day during the fourth quarter, an increase from 808,000 barrels per day a year ago. This higher output was a key factor in the strong financial performance.
Suncor benefited from the Trans Mountain Pipeline expansion project, which began commercial operations last year. This expansion nearly tripled the flow of crude from Alberta's oil sands to British Columbia, reaching 890,000 barrels per day.
The increased transportation capacity provided by the pipeline has opened up crucial market access for Suncor to refineries in Asia and the U.S. West Coast. This strategic advantage enhances the company's ability to sell its crude and capture value.
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