Shaun Polczer, CALGARY: Canada’s two largest oil-sands producers have reported significant jumps in 2011 profits. Their success, illustrates the relative health of an industry that has experienced big gains in productivity despite setbacks in the previous 12-month period. Suncor Energy and Imperial Oil each reported full-year profit increases of more than 50% thanks to higher oil prices and improved refining margins.
Suncor’s net profits, excluding one-time items, rose to C$2.603 billion ($2.6 billion) from $1.520 billion in 2010. It generated a record $9.75 billion, or $6.20 a share, up from $6.66 billion, or $4.25 a share, in 2010.
Imperial, which is 70%-owned by ExxonMobil, booked net profits of $3.37 billion in 2011, compared with $2.21 billion in 2010. Upstream operations accounted for $2.46 billion, up from $693 million a year earlier.
Combined, the companies produce...