Calgary: Suncor Energy Inc., Canada's largest oil company, had a second-quarter profit of C$480 million (Dh1.7 billion) amid higher crude prices and production from last year's takeover of Petro-Canada.
Net income was 31 cents a share, compared with a loss of C$51 million, or 6 cents, a year earlier, Calgary-based Suncor said in a statement. New York oil prices surged to an average $78.05 a barrel in the second quarter, up 31 per cent from $59.79 a year earlier. Suncor bought Petro-Canada for C$25.9 million in August 2009. Suncor is the second-largest oil-sands company, ranking behind Syncrude Canada Ltd., a venture it holds a 12 per cent stake in which is led by Canadian Oil Sands Trust.
Alberta's sands hold the world's largest oil deposits outside Saudi Arabia, according to the Canadian Association of Petroleum Producers.
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Canadian oil sands are poised to be the top source of crude imports to the US this year, according to a May report by IHS-Cambridge Energy Research Associates.
Suncor released its results before the start of regular trading on North American markets.
The shares fell 45 cents to C$33.04 on the Toronto Stock Exchange Wednesday and are down 11 per cent for the year. The company has 20 buy and four hold ratings from analysts.
