Suncor Energy reported second-quarter adjusted earnings of C$3.23 per share.
This result significantly surpassed analyst estimates. Quarterly profit rose to C$3.73 billion, up from C$1.13 billion in the same period last year.
Record refining throughput and product sales in the downstream business drove the growth. These results offset a year-over-year decline in total upstream production.
The company generated a record C$4.0 billion in free funds flow. Adjusted funds from operations matched a quarterly record at C$5.3 billion.
Suncor returned nearly C$1.8 billion to shareholders through dividends and buybacks during the quarter. Monthly share repurchases will increase to C$500 million from C$350 million beginning in August.