Suncor Energy Inc (NYSE:SU), Canada’s leading integrated energy company, stock rose 0.18% (As on February 22, 11:23:11 AM UTC-4, Source: Google Finance) after the company beat Wall Street estimates for fourth-quarter profit, as the oil and gas producer was helped by higher production. Suncor reported fourth-quarter total upstream production of 808,100 barrels of oil equivalent, compared with 763,100 barrels of oil equivalent in Q4 2022. Upstream reliability across the operations was at or near record highs, achieving the second highest quarterly total production in the company’s history and the highest quarterly Oil Sands production. The company had said in January its upstream production was 808,000 barrels per day (bpd) in the fourth quarter, driven by strong output at its Firebag and Fort Hills assets. Suncor also restarted production at the Terra Nova offshore vessel in November. Suncor’s net earnings were $2.820 billion ($2.18 per common share) in the fourth quarter of 2023, which included a $1.125 billion non-cash gain as a result of the acquisition of TotalEnergies EP Canada Ltd. (TotalEnergies Canada), compared to $2.741 billion ($2.03 per common share) in the prior year quarter.

Further, Adjusted funds from operations were $4.034 billion ($3.12 per common share) in the fourth quarter of 2023, compared to $4.189 billion ($3.11 per common share) in the prior year quarter, and were influenced by the same factors impacting adjusted operating earnings, as well as one-time tax benefit of approximately $880 million relating to the acquisition of TotalEnergies Canada in the fourth quarter of 2023. Cash flow provided by operating activities, which includes changes in non-cash working capital, was $4.318 billion ($3.34 per common share) in the fourth quarter of 2023, compared to $3.924 billion ($2.91 per common share) in the prior year quarter. As at December 31, 2023, Suncor’s net debt was $13.678 billion, an increase of $683 million compared to September 30, 2023, primarily due to a long-term debt issuance and a net increase in leases associated with the Fort Hills acquisition during the quarter, and a decrease in cash and cash equivalents being partially offset by a decrease in short-term indebtedness.

SU in the fourth quarter of FY 23 has reported the adjusted earnings per share of 93 cents, beating the analysts’ estimates for the adjusted earnings per share of 79 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $10.39 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $8.46 billion.