While the vertiginous jump in gas prices at the pump weighs more and more heavily on the finances of motorists, the oil companies present in Quebec continue to reap record profits.

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In the first quarter of 2022, Suncor Energy – which owns Petro-Canada – made profits of $2.95 billion, compared to $821 million (M$) during the same period in 2021.

Revenues are exploding

Its revenues were $13.5 billion, compared to $8.6 billion in the previous quarter. This is an increase of 57%, despite a drop in production of 20,000 barrels per day in the last quarter, compared to the same quarter in 2021.

On Monday, the Calgary-based company said it would pay a quarterly dividend of 47 cents per common share to its shareholders, up 12% from its previous quarter. This dividend is the highest in its history.

Earlier, in April, Valero Energy – which owns Ultramar – reported a profit of US$905 million in the first quarter of 2022, compared to a loss of US$704 million for the same period in 2021.

As of March 31, its revenue was US$38.5 billion, nearly double the US$20.8 billion from 12 months ago, while its sales were still suffering from COVID-19 restrictions.

With debt of US$13.2 billion, the company still announced a quarterly dividend of 98 cents per share.

Stock market leaps

The shareholders are the first to benefit from the situation. On the Toronto Stock Exchange, the value of Suncor's stock has jumped 61.66% over the past year, to reach $44.71.

Meanwhile, on Wall Street, Valero stock jumped 55.71% to hit US$120.97.