Suncor Energy Inc. (NYSE:SU) stock fell 0.57% (As on May 10, 11:22:42 AM UTC-4, Source: Google Finance) after the company exceeded analysts’ estimates for first-quarter profit and boosted dividend by 12% to its highest level, as Canada’s No.3 oil major benefited from soaring crude prices. Its total production fell to 766,100 barrels of oil equivalent per day (boepd) from 785,900 boepd a year earlier. Its refinery throughput was 436,500 barrels per day, up marginally from a year ago. The company reported a net income of C$2.95 billion ($2.27 billion), or C$2.06 per share, for the three months ended March 31, up from C$821 million ($631.00 million), or 54 Canadian cents, a year ago. Adjusted funds from operations increased to $4.094 billion ($2.86 per common share) in the first quarter of 2022, compared to $2.110 billion ($1.39 per common share) in the prior year quarter, with adjusted funds from operations in the first quarter of 2022 more than doubling the prior year quarter on a per share basis. Cash flow provided by operating activities, which includes changes in non-cash working capital, was $3.072 billion ($2.14 per common share) in the first quarter of 2022, compared to $2.345 billion ($1.54 per common share) in the prior year quarter.

Moreover, in the first quarter of 2022, Oil Sands delivered its highest quarterly adjusted funds from operations on record of $3.414 billion, compared to $1.527 billion in the prior year quarter, supported by strong production from the company’s In Situ assets, including Firebag, which produced its 750 millionth barrel of oil during the quarter, and the ramp-up of production at Fort Hills, allowing the company to capture strong upstream pricing. Combined Oil Sands upgrader utilization was 96% compared to 97% in the prior year quarter.

SU in the first quarter of FY 22 has reported the adjusted earnings per share of C$1.92, beating the analysts’ estimates for the adjusted earnings per share of C$1.51, as per Refinitiv data.

Meanwhile, the company said it is exploring the sale of its entire UK business based on interest received in the exploration and production assets. Suncor’s UK assets are offshore in the North Sea, and include a 29.9% stake in the Buzzard field as well as a 40% interest in the Roseback project.

Additionally, the company has approved a quarterly dividend of $0.47 per share, which represents an increase of 12% over the prior quarter dividend.