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Suncor Energy Reports Second Quarter 2023 Results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$)...
About this update from Suncor Energy Inc.
[{"type":"text","content":"Suncor Energy Reports Second Quarter 2023 ResultsUnless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), 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, adjusted operating earnings, free funds flow and net debt) 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. - August 14, 2023) - Suncor Energy Inc. (TSX: SU) (NYSE: SU)Delivered adjusted funds from operations of $2.7 billion, including a $275 million before-tax restructuring charge related to the company's workforce reduction plans, and adjusted operating earnings of $1.3 billion.Returned $1.4 billion to shareholders through $684 million in share repurchases and $679 million in dividends. Delivered total upstream production of 741,900 barrels of oil equivalent per day (boe/d), with strong upgrader utilization outside of planned maintenance activities and continued strong performance from In Situ assets.Completed all major annual planned maintenance across all refineries, resulting in refinery crude throughput of 394,400 barrels per day (bbls/d).Portfolio optimization continued with the completion of the sale of the U.K. Exploration and Production (E&P) portfolio.\"Our In Situ assets and upgraders delivered strong performance once again and helped reduce the impacts of planned maintenance at our integrated operations in the Fort McMurray region,\" said Rich Kruger, Suncor's President and Chief Executive Officer. \"During the second quarter, we generated $2.7 billion of adjusted funds from operati...