Cenovus and Suncor post more than $7 billion in combined Q3 earnings
Cenovus Energy and Suncor Energy generated combined third-quarter earnings exceeding $7 billion, while their royalties and taxes to governments totaled nearly $7 billion. Cenovus reported $3.4 billion in net income and quarterly production above one million barrels of oil equivalent per day. Suncor recorded $3.8 billion in net income and daily output of 853,000 barrels of oil equivalent.
Why it matters
The results increase cash flowing to Alberta and the federal government through corporate taxes and royalties. University of Calgary economist Trevor Tombe said current oil prices could add about a billion dollars a month to federal revenue and support an Alberta surplus of around $13 billion if conditions persist.
Key facts
- 1Cenovus reported $3.4 billion in net income for the quarter. calgarysun.com
- 2Cenovus produced more than one million barrels of oil equivalent per day during the quarter. calgarysun.com
- 3Suncor reported $3.8 billion in net income and production of 853,000 barrels of oil equivalent per day. calgarysun.com
- 4Cenovus reported $3 billion in quarterly royalties and income taxes, while Suncor reported $3.5 billion. calgarysun.com
- 5Suncor returned more than $2 billion to shareholders during the July-to-September period. calgarysun.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.