(Calgary) Suncor Energy reported Monday that it ended the second quarter of 2023 with net income of $1.88 billion, compared with about $4 billion for the same period last year when oil prices were higher.
The Calgary-headquartered energy giant said it incurred $275 million in restructuring expenses in connection with the implementation of its workforce reduction plan, which calls for 1,500 job cuts by the end of the year.
As a result of these restructuring charges, the company’s adjusted working capital was $2.7 billion, or $2.03 per share, for the quarter ended June 30, according to Suncor, compared to $5.3 billion, or 3, $80 per share in the year-ago quarter.
Total Suncor upstream production increased year-over-year due to less scheduled maintenance. It fell from 720,200 barrels of oil equivalent per day in the second quarter of 2022 to 741,900 in the second quarter of 2023.
Refinery crude oil throughput was 394,400 barrels per day and refinery utilization was 85% in the second quarter of 2023, compared to 389,300 barrels per day and 84% in the same quarter last year.
The company was the victim of a high-profile “cybersecurity incident” in June, but said the incident had no impact on its financial results for the quarter.
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