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Suncor Energy Inc. posts a profit of $3.996 billion for the second quarter of the year — a more than a fourfold increase over the same period last year. Article content Soaring crude prices helped Suncor Energy Inc. to post a profit of $3.996 billion in the second quarter of the year — a more than a fourfold increase over the same period last year. Article content Energy producers have largely benefited as Russia’s invasion of Ukraine exacerbated existing supply issues, driving U.S. benchmark crude oil above US$100 in the first half of the year — though prices have recently pulled back on fears of a recession and following crude releases from U.S. stockpiles. Suncor, Canada’s third largest oil major, also raised its 2022 capital expenditure forecast to a range of $4.9-billion to $5.2-billion, up from $4.7-billion previously, as result of inflationary pressures and increased spending during turnarounds and maintenance to improve safety. The company has came under intense scrutiny since last spring when activist investor Elliott Investment Management LP publicly targeted the company over its financial and operational performance last year. A key criticism levelled at the company was Suncor’s poor track record on safety, including five workplace […]
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