Suncor Energy's Profit Beats Forecasts as Oil Prices Offset Lower Output

Canada's integrated oil and gas producer Suncor Energy surpassed analysts' expectations for third-quarter profit on Tuesday, as higher oil prices and strength in refinery margins helped offset lower production and throughput volumes.

The Iran war, now entering its ninth month, has disrupted global energy supplies, driving up crude oil prices. The average price of benchmark Brent crude was 31% higher at $89.27 per barrel for the quarter compared with a year earlier.

Integrated oil companies such as Imperial Oil IMO.TO and Suncor have benefited from a global fuel market roiled by the war, with the higher oil prices strengthening margins in both production and refining.

Last week, Imperial Oil IMO.TO also beat analysts' estimates for quarterly profit, backed by strong refining margins.

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