Suncor Energy Inc Reports Net Profit of C$929 Million in the Third Quarter
With the merger of Petro-Canada to Suncor has lead to better earnings. Net profit of C$929million from the third quarter was reported by Suncor.
As the Suncor Energy Inc (TSX, NYSE: SU) reported its net profit of C$929million from the third quarter up to the end-of September.
It have gone higher compared to its profit of C$815million last year. The newest figure which includes the Petro-Canada business that Suncor gained as of August 1, 2009, whereas the comparative figure is from the legacy of Suncor business.
Due to the lower price realizations, there was a decrease in operating the earnings and the cash flow from its operations. As a standard of the commodity prices it was really weaker during the third quarter of 2009 compared to the same period during 2008. The cash flow from the operations C$1.670 compared to C$3.826 billion of 2008. While during the first nine months of the year 2008, the operating earnings were C$2.471 compared to this year which is C$646million only.
The operating earnings during the third quarter of year 2008 wasC$810million which fell to about C$288 in the third quarter of this year. Whereas the cash flows from operations last year was $1.146billion in the third quarter it also fell down to C$574million this year.
When talking about the net earnings for the first nine months of year 2009 they were C$689million, and to compared it to the same period of 2008 was C$2.352billion.
When the merging was complete with Petro-Canada, the Suncor’s whole upstream production during the last two months of the third quarter in 2009 has averaged to 630,600 barrels of oil per day. There was also an additional production after the merger which accounted to 289,400 per day. Also during the third quarter of 2008, the upstream production and natural gas operation was 281,000 boe per day, and now it is already 339,900 boe per day in the 2009 third quarter.
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