Suncor Energy announces increase in profits

By The Canadian Press
February 8, 2018 - 8:38am

CALGARY- Suncor Energy is making good on its promise to return cash to shareholders, announcing a 12.5-per-cent increase to its dividend as it reports fourth-quarter income that beat analyst expectations.

Suncor says it will raise its quarterly payouts to 36 cents per share, citing production rises from its new Fort Hills oilsands mine in northern Alberta and Hebron oil project off Newfoundland and Labrador.

The company reported operating earnings of 1.3-billion dollars, or 79 cents per share, in the last three months of 2017, nearly doubling its earnings a year ago.

It credits stronger oil prices, lower upstream exploration costs, better refinery utilization and higher refinery profit margins.

(The Canadian Press)

 

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