Suncor Energy beats profit estimates, weighs UK portfolio sale

div classBodysc17zpet90 cdBBJodivpReuters Suncor Energy Inc exceeded analysts‘ estimates for firstquarter profit and boosted dividend by 12 to its highest level on Monday, as Canada’s No.3 oil major benefited from soaring crude prices.p

pGlobal crude oil prices surged to levels not seen since 2008 during the reported quarter after Western countries imposed sanctions on Russia following its invasion of Ukraine, worsening a global energy supply crunch.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThe Calgary, Albertabased company said it is exploring the sale of its entire UK business based on interest received in the exploration and production assets.p

pSuncors UK assets are offshore in the North Sea, and include a 29.9 stake in the Buzzard field as well as a 40 interest in the Roseback project.p

pSuncors share price has lagged its peers. Last month, activist firm Elliott Investment Management, which holds a 3.4 stake in the company, called for major changes including strategic reviews and new board members.p

pIts total production fell to 766,100 barrels of oil equivalent per day boepd from 785,900 boepd a year earlier. Its refinery throughput was 436,500 barrels per day, up marginally from a year ago.p

pThe company reported on Monday a net income of C2.95 billion 2.27 billion, or C2.06 per share, for the three months ended March 31, up from C821 million 631.00 million, or 54 Canadian cents, a year ago.p

pExcluding items, the company posted adjusted operating earnings of C1.92, beating analysts expectations of C1.51, as per Refinitiv data.p

pSuncors rivals – Enbridge Inc, Imperial Oil Ltd , Canadian Natural Resources Ltd and Cenovus Energy Ltd – have also posted profit jump.p

p1 1.3011 Canadian dollars