Suncor Energy’s quarterly profit beats estimates on strong demand

(Reuters) -Canada’s Suncor Energy (NYSE:) Inc reported a better-than-expected first-quarter profit on Monday, helped by steady demand for energy amid crimped global supplies.

The results come amid global oil prices pulling back from last year’s record highs and trading 20% below on average, but the prices are still higher than historical levels due to tight supplies.

On an adjusted basis, the company earned C$1.36 per share, compared with analysts’ estimates of C$1.32 per share.

Peers Imperial Oil (NYSE:) Ltd and Cenovus Energy (NYSE:) Inc had also beat profit estimates last month.

Suncor, however, reported a fall in total upstream production to 742,100 barrels of oil equivalent per day (boepd) in the first quarter, lower than 766,100 boepd a year earlier due to unplanned maintenance during the quarter.

Its refinery utilization averaged 76% and the crude throughput was 367,700 barrels per day (bpd), compared with 436,500 bpd last year.

The company’s 103,000 barrel-per-day Commerce City refinery in Colorado was knocked out by winter storm Elliott.