https://www.stalbertgazette.com/alberta-news/suncor-earns-188-billion-in-q2-takes-restructuring-charge-related-to-layoffs-7406858
3 replies (most recent on top)
The changes they have mode so far are not going to have a positive impact on the bottom line for more than a couple of quarters, if that. Deferred maintenance, bloated chain of command, multiple management fads, changing these are what would start to improve the bottom line.
Suncor is not acting in the interests of shareholders. More cost cutting measures need to be done.
Suncor Energy Inc. says it earned $1.88 billion in the second quarter of 2023, down from approximately $4 billion in the same period last year when oil prices were higher.
The Calgary-based energy giant says it took a $275-million restructuring charge in the quarter related to its previously announced plans to cut 1,500 jobs by the end of the year.
As a result of this restructuring charge, Suncor says its adjusted funds from operations for the three months ended June 30, 2023, amounted to $2.7 billion or $2.03 per share, compared to $5.3 billion or $3.80 per share in the prior year's quarter.
Suncor's total upstream production increased year-over-year due to fewer planned maintenance activities, to 741,900 barrels of oil equivalent per day in the second quarter of 2023 from 720,200 in the second quarter of 2022.
Refinery crude throughput was 394,400 barrels per day and refinery utilization was 85 per cent in the second quarter of 2023, compared to 389,300 barrels per day and 84 per cent in the prior year's quarter.
The company suffered a high-profile cybersecurity incident in June but says the breach did not have an effect on its financial results for the quarter.
This report by The Canadian Press was first published Aug. 14, 2023.