Suncor Energy (SU) has reported that its second-quarter net income declined 53% to $1.88 billion from $4 billion in the same period of 2022.
The Calgary-based company, which is Canada’s second-largest oil producer, blamed the profit decline on slumping oil prices, which had been above $100 U.S. a barrel a year earlier.
Suncor also said that it took a $275 million restructuring charge in Q2 related to its previously announced plans to cut 1,500 jobs.
The company also suffered a high-profile cybersecurity attack in June of this year but said the incident didn’t impact its Q2 financial results.
Suncor’s Q2 net income equated to $1.44 per share compared with $2.84 a share a year earlier.
Revenue in the quarter came in at $7.94 billion versus a consensus analyst estimate for $8.58 billion.
The company said that its upstream oil production increased year-over-year in Q2 due to fewer planned maintenance shutdowns.
Suncor produced 741,900 barrels of oil equivalent per day in Q2, up from 720,200 a year earlier.
The stock of Suncor has increased 3% in the last 12 months to trade at $42.40 per share.
