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Suncor Energy Inc. (SU), Canada’s largest energy company by market value, said first-quarter profit increased as it benefited from higher oil prices.
Net income rose to C$1.46 billion ($1.48 billion), or 93 cents a share, from C$1.03 billion, 65 cents, a year earlier, the Calgary-based company said today in a statement on Market Wire. That beat the 81-cent average of 18 analysts’ estimates compiled by Bloomberg.
West Texas crude, the U.S. benchmark, traded at an average of $103.03 a barrel in New York during the first three months of the year, 8.9 percent more than a year earlier.
Output dropped to the equivalent of 562,300 barrels a day, compared with 601,300 a year earlier. Average daily oil-sands production, the company’s main product, was 305,700 barrels a day from 322,100 barrels a year earlier.
Suncor owns oil-sands operations in northern Alberta, as well as wind farms, a biofuel plant and offshore oil assets.
The earnings were announced after regular trading ended on North American markets. The stock has 21 buy and three hold ratings from analysts.
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