Suncor posts higher third-quarter profit of $3.8B, up from $1.6B last year

Suncor Energy Inc., a leading oilsands company, reported a higher net profit of $3.8 billion for the third quarter, a significant increase from $1.6 billion in the same period last year. The company's profit per share rose to $3.27, compared to $1.34 during the previous quarter. Adjusted operating earnings, which better reflect Suncor's underlying performance by excluding unusual items, amounted to $4.6 billion, or $3.97 per share.

This represents a notable improvement from last year's third quarter, when adjusted operating earnings were $1.8 billion, or $1.48 per share. Total upstream production stood at 852.5 million barrels per day in the third quarter, slightly lower than the 870 million barrels produced in the previous year.