Suncor, Cenovus ride refining boom to record-setting results
Financial Post · James Rose ·
Two of Canada's biggest oil producers, Suncor Energy Inc. and Cenovus Energy Inc., posted record results this week
Two of Canada’s biggest oil producers posted record results this week, with Suncor Energy Inc. generating more cash than ever before and Cenovus Energy Inc. pumping more than a million barrels a day for the first time in its history.
Both Calgary-based companies leaned on their refineries for a boost, and both are handing more of the windfall back to shareholders.
“We’re in a global commodity business that is cyclical in nature,” said Suncor chief executive Rich Kruger in a Wednesday morning conference call. “We have to just have an endless, ruthless, unwavering commitment to cost management.”
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