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On an adjusted basis, Suncor says its operating earnings for the first quarter were $1.81 billion, or $1.36 per common share, a 34-per-cent decrease year-over-year.

The company says the decrease in earnings was primarily due to decreased crude oil realizations, increased operating expenses, lower upstream production and refinery throughput and weakening crude oil prices.

Suncor's total upstream production was 742,100 barrels of oil equivalent per day in the first quarter of 2023, compared to 766,100 boe/d in the prior year's quarter.

Refinery crude throughput was 367,700 barrels per day and refinery utilization was 79 per cent in the first quarter of 2023, compared to 436,500 barrels per day and 94 per cent in the prior year quarter.

This report by ºÃÉ«tvwas first published May 8, 2023.

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