Suncor Energy beats quarterly profit estimates on higher production

Feb 3 (Reuters) - Canada's Suncor Energy SU.TO beat fourth-quarter profit estimates on Tuesday as higher production helped offset the impact of weak commodity prices.

Canadian oil sands producers, including Suncor, have remained resilient despite a global oil industry downturn, as economic uncertainty related to the U.S. tariff policy and OPEC+ pumping more barrels weighs on the sector. Years of investment have supported output and helped keep producers among North America's lowest-cost operators.

Suncor's upstream quarterly production rose to 909,000 barrels per day from 875,000 bpd a year ago. Its refinery throughput rose by 18,000 bpd to 504,000 bpd during the quarter, while refinery utilization jumped to 108% from 104% a year earlier.

U.S.-listed shares of the company were up 1.9% in extended trading.

Canadian oil producers are gaining from the expanded Trans Mountain pipeline, which opens access to global markets and lessens their dependence on the U.S. pipeline system. Canada exports nearly 4 million bpd to the United States.

The results are in contrast to peer Imperial Oil IMO.TO, which last week said lower global oil prices in the quarter and wet October weather caused production challenges at its Kearl oil sands mine in northern Alberta.

In December , Suncor forecast lower spending in 2026, despite higher oil and gas production, as it increases output, tightens costs, and boosts shareholder returns with an expanded share buyback program.

Calgary, Alberta-based Suncor expects upstream production of 840,000 to 870,000 bpd next year, up from its 2025 estimate of 810,000 to 840,000 bpd.

The company reported an adjusted profit of C$1.10 per share for the quarter ended December 31, beating analysts' average estimate of C$1 per share, according to LSEG data.