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Suncor Energy Reports First Quarter 2022 Results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (C...
About this update from Suncor Energy Inc.
[{"type":"text","content":"Suncor Energy Reports First Quarter 2022 ResultsUnless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except for production values from the company's Libya operations, which are presented on an economic basis. Certain financial measures referred to in this news release (adjusted funds from operations, adjusted operating earnings, refining and marketing gross margin, last-in, first-out (LIFO) inventory valuation methodology, net debt and free funds flow) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.'s interest in Fort Hills and Syncrude.Calgary, Alberta--(Newsfile Corp. - May 9, 2022) - \"In the first quarter of 2022, Suncor (TSX: SU) (NYSE: SU) generated the highest quarterly adjusted funds from operations in the company's history of $4.1 billion, or $2.86 per share, including record adjusted funds from operations from our Oil Sands assets, as commodity prices increased,\" said Mark Little, president and chief executive officer. \"Our increased cash flows enabled us to reduce net debt by $728 million and return over $1.4 billion of value to shareholders through $827 million in share repurchases and payment of $601 million in dividends.\" Adjusted funds from operations increased to $4.094 billion ($2.86 per common share) in the first quarter of 2022, compared to $2.110 billion ($1.39 per common share) in the prior year quarter, with adjusted funds from operations in the first quarter of 2022 more than doubling the prior year quarter on a per share basis. Cash flow provided by operating activities, which includes changes in non-cash working capital, was $3.072 billion ($2.14 per common share) in the first quarter of 2022, compared to $2.345 billion ($1.54 per common share) in the prior year quarter. Adjusted operating earnings increased to $2.755 billion ($1.92 per common share) in the first quarter of 2022, compared...