Suncor Posts $735 Million Loss

Suncor Energy

CBJ  — Suncor Energy lost about $735 million due to a drastic decrease in oil production due to the wildfires in Fort McMurray in May.

The wildfires that raged through the northern Alberta region meant Suncor failed to produce about 20 million barrels of upgraded and raw bitumen from its oilsands projects. It said it spent $50 million related to evacuation and restart activities, offset by $180 million in cost savings while operations were suspended.

President and CEO Steve Williams said in a news release the company focused on evacuating employees and their families during the fire. After personnel were allowed to return to the projects, the focus turned to restarting operations and completing a maintenance turnaround at one of its base mine upgraders, with all operations back to pre-fire productivity by mid-July.

Meanwhile, Suncor has increased its ownership of Syncrude Canada this year from 12% to over 53% by buying Canadian Oil Sands Ltd., which had a 37% stake, and adding Murphy Oil’s 5% interest.

@CanBizJournal
Recommended
Potash CorpGo Train