CALGARY - Suncor Energy Inc. remains opposed to the Alberta government-ordered oil production curtailments, but new CEO Mark Little conceded Thursday the program was actually “slightly positive” for the company’s financial results in the first quarter. “In the fourth quarter of 2018, there were low benchmark prices with wide heavy and light crude oil differentials. Whereas, in the first quarter of 2019, there were higher benchmark prices and narrow differentials,” he said on a conference call. The move was welcomed by oilsands producers like Cenovus Energy Inc., whose CEO pointed out last week the resulting higher prices have helped boost royalties to Alberta’s treasury. Its operating profit came to $1.2 billion, compared with $985 million in the first quarter of 2018.

Source: thestar May 02, 2019 16:07 UTC