EnergyCanada s Suncor posts profit as crude prices recover from 2020 lows
Reuters
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Suncor Energy facility is seen in Sherwood Park, Alberta, Canada August 21, 2019. REUTERS/Candace Elliott
Canadian oil and gas producer Suncor Energy Inc (SU.TO) on Monday reported first-quarter profit after a loss in the prior quarter, buoyed by a recovery in crude prices from the pandemic-led lows hit last year and cost cutting measures.
Like many of its peers, Suncor has been benefiting from a rebound in oil prices driven by a recovery in global fuel demand, after it was decimated in 2020 due to coronavirus lockdowns.
But the pandemic continues to rage in certain parts of the world and the demand outlook remains uncertain.
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Canadian oil and gas producer Suncor Energy Inc on Monday reported first-quarter profit after a loss in the prior quarter, buoyed by a recovery in crude prices from the pandemic-led lows hit last year and cost cutting measures.
Like many of its peers, Suncor has been benefiting from a rebound in oil prices driven by a recovery in global fuel demand, after it was decimated in 2020 due to coronavirus lockdowns.
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