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Suncor Energy Reports First Quarter 2023 Results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$)...
About this update from Suncor Energy Inc.
[{"type":"text","content":"Suncor Energy Reports First Quarter 2023 ResultsUnless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and derived from the company's condensed consolidated financial statements which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. 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 and adjusted operating earnings) 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.Generated adjusted funds from operations of $3.0 billion and adjusted operating earnings of $1.8 billion, and returned nearly $1.6 billion to shareholders. Delivered total upstream production of 742,100 barrels of oil equivalent per day (boe/d) and refinery throughput of 367,700 barrels per day (bbls/d), with Commerce City refinery back in service at the end of March.Portfolio rationalization continued with completion of sale of wind and solar business and acquisition of an additional 14.65% working interest in Fort Hills. Additionally, reached an agreement for the sale of the U.K. Exploration and Production (E&P) portfolio.Announced agreement to acquire TotalEnergies' Canadian operations, including the remaining working interest in Fort Hills and a 50% working interest in the Surmont in situ asset.Calgary, Alberta--(Newsfile Corp. - May 8, 2023) - Suncor Energy (TSX: SU) (NYSE: SU)Suncor delivered adjusted funds from operations of $3.002 billion ($2.26 per common share) in the first quarter of 2023, compared to $4.094 billion ($2.86 per common share) in the prior year quarter, and returned approximately $1.6 billion of value to shareholders through $874 million in share repurchases and the payment of $690 million of dividends. Cash flow provided by ...