Suncor Beats Profit Views on Higher Oil Prices
Suncor Energy surpassed third-quarter profit estimates as higher oil prices and strong refining margins offset lower production volumes. The company also raised its quarterly dividend by ten percent.
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Suncor Energy posted an adjusted operating profit of C$3.97 per share for the third quarter, beating the average estimate of C$3.28 per share. The Canadian energy producer surpassed expectations as higher oil prices and refining margins offset lower production volumes. The results follow a similar beat by peer Imperial Oil last week amid surging global fuel margins.
