Suncor Energy Inc. (NYSE:SU) stock rose 0.72% (As on February 15, 11:20:20 AM UTC-4, Source: Google Finance) after the company reported a better-than-expected fourth-quarter profit, helped by higher crude prices amid tightened global supply. Suncor’s total upstream production was 763,100 barrels of oil equivalent per day (boepd) in the fourth quarter, higher than last year’s output of 743,300 boepd. The company’s refinery utilization averaged 94% and crude throughput was 440,000 barrels per day (bpd), compared with 447,000 bpd last year, as its Commerce City refinery in Colorado was knocked out by winter storm Elliott. Adjusted funds from operations increased to $4.189 billion ($3.11 per common share) in the fourth quarter of 2022, compared to $3.144 billion ($2.17 per common share) in the prior year quarter. Cash flow provided by operating activities, which includes changes in non-cash working capital, increased to $3.924 billion ($2.91 per common share) in the fourth quarter of 2022, compared to $2.615 billion ($1.80 per common share) in the prior year quarter. Adjusted operating earnings increased to $2.432 billion ($1.81 per common share) in the fourth quarter of 2022, compared to $1.294 billion ($0.89 per common share) in the prior year quarter. Net earnings increased to $2.741 billion ($2.03 per common share) in the fourth quarter of 2022, compared to $1.553 billion ($1.07 per common share) in the prior year quarter. Production from the company’s Oil Sands assets was 688,100 barrels per day (bbls/d) in the fourth quarter of 2022, compared to 665,900 bbls/d in the prior year quarter, with the current period including record quarterly production at Firebag.

SU in the fourth quarter of FY 22 has reported the adjusted earnings per share of C$1.81, beating the analysts’ estimates for the adjusted earnings per share of C$1.76. The company had reported the adjusted revenue of $10.21 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $9.65 billion.

In the fourth quarter of 2022, the company has approved a quarterly dividend of $0.52 per share, a 23.8% increase over the fourth quarter of 2021 dividend and the highest quarterly dividend per share in the company’s history. Subsequent to the fourth quarter of 2022, the Board approved a renewal of the company’s normal course issuer bid (NCIB) for the repurchase of up to 10% of Suncor’s public float as at February 3, 2023, over a twelve-month period, and concurrently, the Toronto Stock Exchange (TSX) accepted a notice filed by Suncor to renew its NCIB in respect of the repurchase of such shares.