One of Canada’s biggest integrated energy companies is Suncor Energy (TSX:SU), situated in Calgary. I want to talk about the stock’s performance over the past year today. Looking ahead to 2023, is it worthwhile to snatch up on it? Let’s jump in.

How has this top energy stock performed in 2022?

As of December 22’s late morning trading, shares of Suncor had increased 25% in 2022. But during the past month, the stock has fallen 13%. In the first half of June, its shares rocketed to a 52-week high of $53.62. Rising oil and gas prices, which have since eased, were profitable for Suncor. The interactive chart below lets investors view this stock’s performance over time.

Here’s why you can trust Suncor Energy for decades to come

Former Suncor CEO Steve Williams bragged in 2017 that the oil sands industry would still be in operation in 100 years. He believed Suncor could break even at $37 per barrel to cover its operational costs.

Canada’s Energy Futures 2017 (EF2017) Supplement: Oil Sands Production study was published in 2018 by the National Energy Board (NEB). According to this analysis, the oil sands were predicted to continue posting consistent growth in the future. In 2016, the output of raw bitumen averaged just under 2.6 million barrels per day (MMb/d). By 2040, it was anticipated to reach 4.5 MMb/d.

Should investors be impressed by the company’s recent earnings?

On November 2, this corporation revealed its third-quarter (Q3) fiscal 2022 results. In comparison to the prior year, Suncor’s adjusted funds from operations (AFFO) increased to $4.47 billion, or $3.28 per common share, from $2.64 billion, or $1.79 per common share. Adjusted operating earnings increased significantly from the third quarter of fiscal 2021’s $1.04 billion to $2.56 billion, or $1.88 per common share.

The company reported a refinery crude throughput of 466,600 barrels per day (bbls/d) and 100% utilization in the third quarter of 2022, up from 460,300 bbls/d the year before. As a result, AFFO from the Refinery and Marketing (R&M) segment increased significantly. Meanwhile, the output of non-upgraded bitumen increased to 240,900 bbls/d from 199,600 bbls/d in Q3 2021. Net synthetic crude oil production decreased slightly from the previous year’s production of 405,500 bbls/d to 405,100 bbls/d.

Suncor reported net earnings of $6.33 billion in the first nine months of fiscal 2022 up from $2.56 billion for the year-to-date period in the prior year. Moreover, adjusted operating earnings jumped to $9.13 billion compared to $2.51 billion in the first nine months of fiscal 2021.

Suncor Energy: Why still buying in late 2022

This energy giant from Canada appears to be in a good position to produce excellent outcomes over the long term. Even with significantly decreased oil and gas prices, it has demonstrated resiliency.

The price-to-earnings ratio for this energy stock is currently 7.5, which is positive. Even better, it pays $0.52 per share in quarterly dividends. That equals a substantial 4.9% yield. I want to buy some Suncor stock before the new year.