Suncor Energy Inc. (SU)

[eFinanceMarkets]

$SU Suncor Energy (NYSE:SU) announces better than expected Q4 earnings and a 12.5% increase in its quarterly dividend to $0.36/share.

SU reports Q4 operating profit of C$0.79/share, ahead of the C$0.72 analyst consensus estimate and above C$0.38 in the same quarter a year ago, and funds from operations hit a quarterly record $3B, well above the $2.4B in Q4 2016.

SU says Q4 production from Alberta’s oil sands rose 3.1% Y/Y to 446.8K bbl/day while operating cash costs fell to C$24.20/bbl vs. C$24.95/bbl in the year-ago period, and the company's share of production at the Syncrude joint venture fell 6.7% to 174.4K bbl/day while operating cash costs edged up to C$32.80/bbl vs. C$32.55/bbl a year ago.

"With Fort Hills and Hebron both successfully commissioned and now producing oil, the safe and steady ramp-up of production is proceeding as planned," CEO Steve Williams says.