May 25, 2018 - 7:20 AM EDT
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Free Post Earnings Research Report: Suncor's Operating Earnings Surged 22%

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LONDON, UK / ACCESSWIRE / May 25, 2018 / If you want access to our free earnings report on Suncor Energy Inc. (NYSE: SU) (''Suncor''), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SU. Suncor reported its first quarter fiscal 2018 operating and financial results on May 01, 2018. The energy Company beat earnings estimates. (Unless otherwise noted, all financial figures are presented in Canadian dollars.) Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Barnwell Industries, Inc. (NYSE American: BRN), which also belongs to the Basic Materials sector as the Company Suncor Energy. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Suncor Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the three months ended March 31, 2018, Suncor's operating revenues, net of royalties, totaled $8.75 billion compared to $7.81 billion in Q1 2017.

For Q1 2018, Suncor's net earnings were $789 million, or $0.48 per common share, compared to $1.35 billion, or $0.81 per common share, in Q1 2017. The Company's net earnings for the reported quarter included a $329 million unrealized after-tax foreign exchange loss on the revaluation of US dollar denominated debt and a non-cash after-tax gain associated with the exchange of the Company's mineral landholdings in northeast British Columbia with Canbriam Energy Inc. of $133 million.

Suncor recorded Q1 2018 operating earnings of $985 million, or $0.60 per common share, compared to $812 million, or $0.49 per common share, in Q1 2017. The y-o-y increase was a result of improved crude oil pricing and increased refining margins, refinery utilization of 98%, and strong In Situ production. The Company's earnings surpassed Wall Street's estimates of $0.52 per share.

Suncor's funds from operations (FFO) were $2.16 billion, or $1.32 per common share, compared to $2.02 billion, or $1.21 per common share, in Q1 2017.

Operating Results

Suncor's total upstream production was 689,400 Barrels of oil equivalent per day (boe/d) in Q1 2018 compared to 725,100 boe/d in Q1 2017. The Company's Oil Sands operations production was 404,800 barrels per day (bbls/d) in the reported quarter compared to 448,500 bbls/d in the prior year's same quarter, and upgrader utilization in Q1 2018 declined to 80%, compared to 95% in Q1 2017. The decrease in production and upgrader utilization was a result of lower production from Oil Sands Base due to a weather-related outage.

For Q1 2018, Suncor's Oil Sands operations cash operating costs per barrel increased to $26.85 in Q1 2018 from $22.55 in Q1 2017, primarily due to weather-related outage which led to lower production and an increase in unplanned maintenance costs.

Suncor's share of Syncrude production was 142,300 bbls/d in Q1 2018 compared to 142,100 bbls/d in Q1 2017. The reported quarter was impacted by constrained capacity on a bitumen feed line and an upgrader turnaround originally scheduled for Q2 2018.

Syncrude cash operating costs per barrel were $50.75 in Q1 2018, reflecting an increase from $45.15 in the prior year's same quarter, due to higher operating costs associated with advanced planned upgrader maintenance, unplanned maintenance to address the line constraint and an increase in preventive maintenance to improve long-term reliability.

Suncor's production volumes in Exploration and Production (E&P) were 117,700 boe/d in Q1 2018 compared to 134,500 boe/d in Q1 2017. The decrease was primarily due to natural declines in the United Kingdom and East Coast Canada, partially offset by the accelerated ramp up of production at Hebron, which averaged 8,200 bbls/d in the reported quarter.

Suncor's refinery crude throughput in R&M was 453,500 bbls/d in Q1 2018, which is the highest ever for a first quarter, compared to 429,900 bbls/d in the prior year's same quarter. The increase was due to strong reliability at all the Company's refineries. Average refinery utilization was 98% in Q1 2018 compared to 93% in Q1 2017.

Cash Matters

Cash flow provided by operating activities, which includes changes in non‑cash working capital, was $724 million for Q1 2018, compared to $1.63 billion for Q1 2017. In the reported quarter, total capital and exploration expenditures were $1.21 billion (excluding capitalized interest) compared to $1.21 billion in the prior year's same period, with increased sustaining capital expenditures offsetting the decrease in growth capital associated with the commissioning of the Company's major growth projects, Fort Hills and Hebron.

Stock Performance Snapshot

May 24, 2018 - At Thursday's closing bell, Suncor Energy's stock slightly declined 0.59%, ending the trading session at $40.43.

Volume traded for the day: 2.81 million shares.

Stock performance in the last month - up 5.56%; previous three-month period - up 17.39%; past twelve-month period - up 26.98%; and year-to-date - up 10.10%

After yesterday's close, Suncor Energy's market cap was at $66.81 billion.

Price to Earnings (P/E) ratio was at 22.01.

The stock has a dividend yield of 2.77%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.

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Source: ACCESSWIRE Investor Awareness (May 25, 2018 - 7:20 AM EDT)

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