Suncor Energy Inc (SU) Q3 2024 Earnings Call Highlights: Record Refining Throughput and ...

GuruFocus.com11-14

Refining Throughput: 488,000 barrels per day, up 25,000 barrels per day or 5% compared to Q3 2023, marking the best quarter in company history. Refined Product Sales: 612,000 barrels per day, the ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSuncor Energy Inc (SU) Q3 2024 Earnings Call Highlights: Record Refining Throughput and ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-14 15:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/suncor-energy-inc-su-q3-071154322.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Refining Throughput: 488,000 barrels per day, up 25,000 barrels per day or 5% compared to Q3 2023, marking the best quarter in company history.\nRefined Product Sales: 612,000 barrels per day, the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/suncor-energy-inc-su-q3-071154322.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SU","symbol_name":"森科能源","start_time":0,"source_url":"https://finance.yahoo.com/news/suncor-energy-inc-su-q3-071154322.html","article_id":"2483455158","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/xByaRyskhgEBZMA0jOz9TA--~B/aD01MDA7dz01MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/29ad2101e62c4d5f9c2d0868a226b634"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483455158","pubTimestamp":1731568314,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Refining Throughput: 488,000 barrels per day, up 25,000 barrels per day or 5% compared to Q3 2023, marking the best quarter in company history.Refined Product Sales: 612,000 barrels per day, the highest quarterly sales in company history.Upstream Production: 829,000 barrels per day, up 138,000 barrels per day or 20% from Q3 2023.Upgrader Utilization: 99% in Q3, with year-to-date utilization at 96%.Total OS&G Expenses: $9.65 billion year-to-date, down $340 million versus year-to-date 2023.Net Debt Target: Achieved $8 billion target ahead of schedule, moving to 100% return of excess funds to shareholders starting Q4.Adjusted Funds from Operations: $3.8 billion or $2.98 per share in Q3.Adjusted Operating Earnings: $1.9 billion or $1.48 per share in Q3.Capital Expenditures : $1.5 billion in Q3, excluding capitalized interest.Interest Savings: $70 million annually for the next 14 years from bond repurchase tender.GuruFocus has detected 3 Warning Sign with ASM.Suncor Energy Inc  achieved rec","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"SU":"森科能源"},"translate_title":"森科尔能源公司(SU)2024年第三季度收益看涨期权亮点：创纪录的炼油吞吐量和……","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SU":1},"content_text":"Refining Throughput: 488,000 barrels per day, up 25,000 barrels per day or 5% compared to Q3 2023, marking the best quarter in company history.\nRefined Product Sales: 612,000 barrels per day, the highest quarterly sales in company history.\nUpstream Production: 829,000 barrels per day, up 138,000 barrels per day or 20% from Q3 2023.\nUpgrader Utilization: 99% in Q3, with year-to-date utilization at 96%.\nTotal OS&G Expenses: $9.65 billion year-to-date, down $340 million versus year-to-date 2023.\nNet Debt Target: Achieved $8 billion target ahead of schedule, moving to 100% return of excess funds to shareholders starting Q4.\nAdjusted Funds from Operations: $3.8 billion or $2.98 per share in Q3.\nAdjusted Operating Earnings: $1.9 billion or $1.48 per share in Q3.\nCapital Expenditures (CapEx): $1.5 billion in Q3, excluding capitalized interest.\nInterest Savings: $70 million annually for the next 14 years from bond repurchase tender.\n\n\nWarning! GuruFocus has detected 3 Warning Sign with ASM.\n\nRelease Date: November 13, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nSuncor Energy Inc (NYSE:SU) achieved record refining throughput of 488,000 barrels per day in Q3, marking the highest quarterly sales in company history.\nUpstream production increased by 20% year-over-year, reaching 829,000 barrels per day, despite challenges such as wildfires.\nThe company successfully met its net debt target of $8 billion ahead of schedule, allowing for 100% return of excess funds to shareholders starting in Q4.\nSuncor Energy Inc (NYSE:SU) reported a significant improvement in safety metrics, with lost time events down 40% and recordables down 23% year-over-year.\nThe company demonstrated strong cost management, with total operating, selling, and general expenses down $880 million year-over-year, despite higher production volumes.\n\n Negative Points \n\nWildfires in the region led to a temporary shutdown at the Firebag site, impacting production by 60,000 barrels per day in July.\nCrude oil prices decreased during the quarter, with WTI averaging USD75 a barrel, which could impact future revenue.\nThe synthetic premium decreased, averaging a premium of $1.30 to WTI, potentially affecting profit margins.\nDespite improvements, the company faces ongoing challenges in maintaining high utilization rates during extreme weather conditions.\nThe transition from the South pit to the North pit at Fort Hills presents operational challenges that need to be managed carefully.\n\n Q & A Highlights \nQ: What opportunities are you most excited about as we look into 2025 and beyond? A: Richard Kruger, President and CEO, highlighted the focus on asset utilization and physical integration, which continues to reveal new opportunities. The company is excited about the incremental free cash flow generated and the value being created across various business areas.\nQ: Can you provide an update on the Cogeneration facility and its benefits once operational? A: Shelley Powell, Senior Vice President, explained that the Cogeneration facility will enhance the reliability of the steam system at the base plant, improve carbon intensity, and allow for additional electricity export to the Alberta grid. The project is in its final stages and is expected to be operational before the cold weather sets in.\nQ: How have you re-engineered the maintenance approach, and is there a philosophical change in how you now do maintenance? A: Richard Kruger, President and CEO, emphasized that safety and integrity are paramount. Dave Oldreive, Executive Vice President of Downstream, added that the approach involves benchmarking, risk-based work selection, and detailed planning milestones to optimize maintenance activities. This has led to significant improvements in turnaround times and cost efficiency.\nQ: Is the improvement in working capital structural or temporary? A: Kristopher Smith, CFO, stated that while working capital can fluctuate due to commodity prices, there are structural changes in place. The company has focused on controllables like production, costs, and working capital, leading to a sustainable improvement in working capital management.\nQ: How is the performance at Fort Hills evolving, and what are the expectations for the future? A: Peter Zebedee, Executive Vice President of Mining and Upgrading, noted that Fort Hills is transitioning from the South pit to the center and North pits, which will provide better mining options and productivity. The fixed plants are performing well, and the focus is on maintaining solid mine health and ore inventory.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483455158"}