Suncor said higher oil prices and increased production helped drive the rise in profits. Read more
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Smith made the comments after Suncor announced a profit surge in the fourth quarter thanks to higher crude prices and refined product realizations, as well as higher upstream production, which were partially offset by increased operating expenses and income taxes.Article content Unplanned maintenance at Suncor’s Commerce City refinery in Colorado put a dent in its refinery utilization rate, which was 94 per cent in the fourth quarter, compared to 96 per cent over the same period in 2021. Company refineries processed 440,000 barrels per day of crude feedstock during the quarter.The company paid out $7.7 billion in buybacks and dividends during the year, compared to $3.9 billion in the prior year.
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