(Reuters) -Suncor Energy Inc posted an over fourfold rise in its second-quarter profit on Thursday, as Canada's third-largest crude oil producer benefited from a rally in commodity prices.
Sanctions against major oil producer Russia have worsened supply issues, sending global crude prices up nearly 48% in the first half of the year as energy companies are yet to boost production to meet soaring fuel demand.
Suncor (TSX:SU) said its total upstream production stood at 720,200 barrels of oil equivalent per day (boepd), compared with 699,700 boepd year earlier.
The company's refinery crude throughput rose nearly 20% to 389,300 barrels per day while the refinery utilization in the quarter was 84%, compared with 70% in the prior year.
The company reported net earnings of C$3.996 billion ($3.11 billion), or C$2.84 per share, for the three-month period ended June 30, compared with C$868 million, or 58 Canadian cents, a year earlier.
($1 = 1.2867 Canadian dollars)