Canadian tar sands and refined giant Suncor Energy Inc reports a net loss of $ 168 million, or 11 cents per share, for the fourth quarter, compared to a net loss of $ 234 billion, or $ 152, for the same period of 2019

The company states that the loss is an after-tax impairment of assets of 423 million USD and a transport provision of 142 million USD related to the recently canceled Keystone XL oil export pipeline project, which was affected by unrealized after-tax of $ 539 million USD is offset against foreign exchange gain on US. dollar denominated debt

The fourth quarter 2019 net loss included a $ 335 billion write-down on its Fort Hills oil sands mine and West White Rose oil project off Newfoundland and Labrador

In early January, Suncor announced that its minority stake in the White Rose and West White Rose offshore oil projects would be written off again by approximately $ 425 million due to uncertainty about their future
The Calgary-based company posted an operating loss of $ 142 million, or nine cents per share, for the fourth quarter compared to an operating profit of $ 782 million, or 51 cents, for the same period last year

Revenue was $ 6.6 billion out of $ 9 billion. Analysts had expected average revenue of $ 7 billion and a net loss of one cent per share for the quarter, according to financial data firm Refinitiv

“In 2020, we continued to execute numerous strategic projects to support the structural growth of free cash flow,” said Mark Little, CEO of Suncor, in a press release

“Our continued focus on disciplined cost management and capital allocation means that we are aligning our company to a sustainable lower cost base while further maximizing the value generated from our assets”

Suncor reported 769 oil and gas production in the fourth quarter200 barrels of oil equivalent per day, a slight decrease from 778200 boe / d last year, and a refinery oil throughput of 438000 barrels a day, also from 447500 bpd in the previous year

In October, Suncor announced that it would be up to 1 within 18 monthsCut 930 jobs to reduce the cost of dealing with low oil prices and market volatility

Suncor announced an unchanged quarterly dividend of 21 cents It was reduced from 465 cents a year ago

Suncor, Suncor Energy

World News – CA – Suncor Energy posts a fourth quarter loss due to lower sales and depreciation

Source: https://globalnews.ca/news/7618801/suncor-energy-q4-loss-oil-oilsands/