Suncor Energy beats first quarter profit estimates on refined products demand

- Canada's Suncor Energy beat first-quarter profit estimates on Tuesday as the integrated oil and gas firm benefited from demand for refined products and higher oil production.

The company said it achieved the highest-ever first-quarter refining throughput at 455,300 barrels per day , up 23.8% from a year ago.Earnings were also helped by growing demand for oil in the U.S., the biggest importer of Canadian oil, which rose more than the forecast in February according to data from the U.S. Energy Information Administration, helping oil producers like Suncor Energy.

The company reported adjusted operating earnings of C$1.41 per share for the quarter ended March 31, compared with analysts' average estimate of C$1.29, according to LSEG data.In this article, we discuss the 10 companies to consider in the portfolio of Kevin O’Leary for 2024. If you want to skip our overview of O’Leary’s investment philosophy and learn about some more companies in his stock portfolio, go directly to Kevin O’Leary’s Stock Portfolio: 5 Stock Picks for 2024.

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