Suncor Profit Beats, Oil Production Falls

Suncor Energy Inc., Canada’s second-largest energy producer, on May 1 posted a first-quarter profit that beat analyst expectations, as improved crude oil pricing and higher refining margins outweighed lower production.

The Calgary-based company also said it would focus spending in 2018 on ramping up its two major growth projects; the Fort Hills oil sands project in Alberta and the ExxonMobil Corp. (NYSE: XOM) -led Hebron project off the province of Newfoundland and Labrador.