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Canadian oil giant Suncor Energy Inc. reported Thursday its strongest results since oil was at $100 a barrel – a profit of nearly $1.3 billion in the third quarter – with help from a war on costs it says is re-positioning its oilsands as a low cost, low carbon, globally competitive business.

Cash costs for producing a barrel of oil from its oilsands operations were $21.60, down from $22.15 a year ago, which the company said are the lowest in a decade.

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There are opportunities for further cost reductions with the completion this year of two major growth projects, the Fort Hills oilsands mining project in Alberta and the Hebron oil project offshore Newfoundland, as the company turns its attention to making its operations as reliable as possible, said CEO Steve Williams.

“The most important part of getting cash costs down is reliability, and we have become increasingly confident in the level of reliability we are seeing,” Williams told analysts in a conference call.