Earnings Review and Free Research Report: Suncor’s Quarterly Earnings Rocketed 151%; Set New Production Record

Research Desk Line-up: Enterprise Products Partners Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 10, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Suncor Energy Inc. (NYSE: SU) ("Suncor"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SU, following the Company's announcement of its third quarter fiscal 2017 operating results on October 25, 2017. The energy Company's operating revenues grew 7.8%, while it also exceeded earnings expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Independent Oil & Gas industry. Pro-TD has currently selected Enterprise Products Partners L.P. (NYSE: EPD) for due-diligence and potential coverage as the Company announced on November 02, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Enterprise Products Partners when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SU; also brushing on EPD. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For the quarter ended September 30, 2017, Suncor reported operating revenues of C$7.99 billion compared to C$7.41 billion in Q3 2016.

Suncor's funds from operations were C$2.47 billion, or C$1.49 per common share, for Q3 2017 compared to C$2.03 billion, or C$1.22 per common share, in Q3 2016. The Company's net earnings were C$1.29 billion, or C$0.78 per common share, for the reported quarter compared to C$392 million, or C$0.24 per common share, in the prior year's same quarter. Suncor's net earnings included an unrealized after-tax foreign exchange gain of C$412 million on the revaluation of the US dollar-denominated debt, and a non-cash after-tax gain of C$10 million on forward interest rate swaps.

Suncor recorded operating earnings of C$867 million, or C$0.52 per common share, in Q3 2017 compared to C$346 million, or C$0.21 per common share, in Q3 2016. The Company's earnings were ahead of analysts' expectations of C$0.21 per share.

Operating Results

During Q3 2017, Suncor's total upstream production set a new quarterly record of 739,900 boe/d compared to 728,100 boe/d in Q3 2016. The record is attributed to an increased production at Oil Sands operations, where upgrader and Firebag utilization exceeded 90%.

For Q3 2017, Suncor's Oil Sands operations' production was 469,300 bbls/d versus 433,700 bbls/d in the prior year's comparable quarter. Oil Sands operations' cash operating costs per barrel were C$21.60 in the reported quarter, down from C$22.15 in Q3 2016, as a result of improved asset utilization.

Suncor's share of Syncrude production was 159,100 bbls/d in Q3 2017 compared to 183,800 bbls/d in Q3 2016. The decrease was attributed to the outage associated with the facility incident from Q1 2017 and planned coker maintenance, which both impacted the early part of the reported quarter. Suncor stated that the coker maintenance completed in the period was originally scheduled for Q4 2017. However, it was advanced to coincide with the unplanned outage from earlier in the year to mitigate the impact on annual production.

Syncrude's cash operating costs per barrel were C$35.00 in Q3 2017; an increase from C$27.65 in Q3 2016, due to a lower production as a result of planned maintenance and increased maintenance costs.

During Q3 2017, Suncor's production volumes in Exploration and Production (E&P) were 111,500 boe/d compared to 110,600 boe/d in Q3 2016, with higher productions from both UK and Libya, offsetting a lower production at Terra Nova due to a planned turnaround and an unplanned maintenance.

Suncor noted that continued strong operational performance at Refining and Marketing contributed to a record refinery crude throughput of 466,800 bbls/d in Q3 2017 compared to 465,600 bbls/d in Q3 2016, and which allowed the Company to take advantage of increased refined product demand and achieve record retail and wholesale sales volumes in Canada during the reported quarter. Average refinery utilization was 101% in Q3 of both 2017 and 2016, reflecting strong reliability in both periods.

Cash Matters

Suncor returned C$531 million to its shareholders through dividends and bought back C$282 million of outstanding shares in Q3 2017.

Suncor's cash and cash equivalents decreased to C$2.76 billion during the first nine months of 2017 from C$3.02 billion as at December 31, 2016. The decrease was primarily due to the repayment of US$1.25 billion in long-term indebtedness; the purchase of the Company's own shares; and capital and exploration expenditure, and dividend requirements exceeding cash flow provided by operating activities.

Stock Performance

On Thursday, November 09, 2017, the stock closed the trading session at $36.13, slightly climbing 0.17% from its previous closing price of $36.07. A total volume of 2.93 million shares have exchanged hands. Suncor Energy's stock price surged 11.48% in the last three months, 14.05% in the past six months, and 18.54% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 10.52%. The stock is trading at a PE ratio of 21.42 and has a dividend yield of 2.88%. At Thursday's closing price, the stock's net capitalization stands at $59.94 billion.

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