(Reuters) – Canada’s Suncor Energy Inc reported a better-than-expected first-quarter profit on Monday, helped by steady demand for energy amid crimped global supplies.
The results come amid global oil prices pulling back from last year’s record highs and trading 20% below on average, but they are still higher than historical levels on tight supplies.
On an adjusted basis, the company earned C$1.36 per share, compared with analysts’ estimates of C$1.32 per share.
However, its total upstream production fell to 742,100 barrels of oil equivalent per day (boepd) in the first quarter, lower than 766,100 boepd a year earlier due to unplanned maintenance during the quarter.
(Reporting by Sourasis Bose in Bengaluru; editing by Uttaresh Venkateshwaran)
