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Suncor Energy Reports Second Quarter 2024 Results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$)...
About this update from Suncor Energy Inc.
[{"type":"text","content":"Suncor Energy Reports Second Quarter 2024 ResultsUnless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), 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 6, 2024) - Suncor Energy Inc. (TSX: SU) (NYSE: SU)Generated $3.4 billion in adjusted funds from operations and $1.4 billion in free funds flow. Returned over $1.5 billion to shareholders via $825 million in share repurchases and $698 million in dividends. Strong upstream production of 771,000 barrels per day (bbls/d) and refinery throughput of 431,000 bbls/d. Successfully executed approximately $800 million in second quarter turnaround activity safely, efficiently and ahead of schedule.Record first half upstream production of 803,000 bbls/d and refinery throughput of 443,000 bbls/d. First half upgrader utilization of 94% and refinery utilization of 95%, including the impacts of major turnaround activity. \"Following a strong first quarter, the second quarter was about execution and momentum. High quality execution of major upstream and downstream turnaround activities and maintaining momentum in targeted improvement priorities, including operational reliability and cost management,\" said Rich Kruger, Suncor's President and Chief Executive Officer. \"With these clear priorities and a determination to consistently achieve the highest levels of performance, the organization delivered on...