(Calgary) Suncor Energy reported Monday that it ended the second quarter of 2023 with net income of $1.88 billion, compared with about $4 billion for the same period last year when oil prices were higher.

The energy giant, headquartered in Calgary, said it had a restructuring charge of $275 million related to the implementation of its workforce reduction plan which aims to cut 1,500 jobs by the end of the year. end of the year.

As a result of this restructuring charge, Suncor said its adjusted funds from operations for the three months ended June 30 were $2.7 billion, or $2.03 per share, compared to $5.3 billion. billion, or $3.80 per share, in the same quarter last year.

Suncor’s total upstream production increased year-over-year as fewer maintenance activities were scheduled. It fell from 720,200 barrels of oil equivalent per day in the second quarter of 2022 to 741,900 in the second quarter of 2023.

Refinery crude throughput was 394,400 barrels per day and refinery utilization was 85% in the second quarter of 2023, compared to 389,300 barrels per day and 84% in the same quarter l ‘last year.

The company was the victim of a high-profile “cybersecurity incident” in June, but says the event did not impact its financial results for the quarter.