CALGARY - Suncor Energy Inc. is reporting a net loss of $2.3 billion for the fourth quarter of 2019 due mainly to asset impairment charges of $3.3 billion. The Calgary company says about $2.8 billion of the charges are related to lower forecast oil prices for production from its Fort Hills oilsands mine in northern Alberta. Suncor reported comparable operating earnings rose to $782 million or 51 cents per share in the quarter ended Dec. 31 due to improved western Canadian crude oil prices. The decrease was mainly due to lower oilsands production of 418,000 barrels per day, compared with 433,000 in the year-earlier period, as a result of planned maintenance and provincial production curtailments in Alberta. The company says it will increase its quarterly dividend by 11 per cent to 46.5 cents per share in March.

Source: thestar February 06, 2020 01:07 UTC