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The results come amid global oil prices pulling back from last year’s record highs and trading 20% below on average, but the prices are still higher than historical levels due to tight supplies.
On an adjusted basis, the company earned C$1.36 per share, compared with analysts’ estimates of C$1.32 per share.
Peers Imperial Oil (NYSE:IMO) Ltd and Cenovus Energy (NYSE:CVE) Inc had also beat profit estimates last month.
Suncor, however, reported a fall in total upstream production 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.
Its refinery utilization averaged 76% and the crude throughput was 367,700 barrels per day (bpd), compared with 436,500 bpd last year.
The company’s 103,000 barrel-per-day Commerce City refinery in Colorado was knocked out by winter storm Elliott.
