Suncor Energy Quarterly Profit Surges, Plans to Divest Assets

Suncor, Canada’s third-largest oil producer, said it has signed a deal to divest its Norway assets for about $410 million, and has also begun a sale process for its entire U.K. business after receiving interest.

Ruhi Soni and Rithika Krishna, Reuters

Suncor Energy Inc. posted an over fourfold jump in its second-quarter profit on Aug. 4, as the oil producer benefited from a rally in commodity prices, and floated plans to divest assets and slim down its portfolio.

Sanctions against major energy 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, Canada’s third-largest oil producer, said it has signed a deal to divest its Norway assets for about $410 million, and has also begun a sale process for its entire U.K. business after receiving interest.

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