UPDATE 1-Suncor Energy beats first quarter profit estimates on higher production

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May 7 (Reuters) –

Canada’s Suncor Energy beat first-quarter profit estimates on Tuesday as the integrated oil and gas firm benefited from higher oil production.

Demand for oil in the U.S., the biggest importer of Canadian oil, rose more than the forecast in February according to data from the U.S. Energy Information Administration, helping oil producers like Suncor Energy.

Canada’s second-biggest oil producer said total upstream production was up at 835,300 barrels per day (bpd) in the quarter, compared with 742,100 bpd from a year earlier.

The company reported adjusted operating earnings of C$1.41 per share for the quarter ended March 31, compared with analysts’ average estimate of C$1.29, according to LSEG data. (Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid)

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