A Suncor logo is shown at the company’s annual meeting in Calgary on May 2, 2019. THE CANADIAN PRESS/Jeff McIntosh

A Suncor logo is shown at the company’s annual meeting in Calgary on May 2, 2019. THE CANADIAN PRESS/Jeff McIntosh

Oilsands giant Suncor Energy notes fourth-quarter loss on lower revenue, writedowns

Fourth-quarter oil and gas production of 769,200 barrels of oil equivalent per day

CALGARY — Canadian oilsands and refining giant Suncor Energy Inc. is reporting a fourth-quarter net loss of $168 million or 11 cents per share, compared with a net loss of $2.34 billion or $1.52 in the same period of 2019.

The company says the loss includes a $423-million after-tax asset impairment charge, along with a $142-million transportation provision related to the recently cancelled Keystone XL oil export pipeline project, offset by a $539-million unrealized after-tax foreign exchange gain on U.S. dollar denominated debt.

The net loss in the fourth quarter of 2019 included a writedown of $3.35 billion on its Fort Hills oilsands mine and the West White Rose oil project offshore Newfoundland and Labrador.

In early January, Suncor advised that it would take another writedown of about $425 million on its minority share of the White Rose and West White Rose offshore oil projects due to uncertainty about their future.

The Calgary-based company reported a fourth-quarter operating loss of $142 million or nine cents per share, down from operating earnings of $782 million or 51 cents in the year-earlier period.

Revenue totalled $6.6 billion, down from $9.6 billion. Analysts on average had expected revenue of $7.4 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 on numerous strategic projects in support of structural free funds flow growth,” said Suncor CEO Mark Little in a news release.

“Our continued focus on disciplined cost management and capital allocation means that we are moving our company towards a sustainably lower cost base while continuing to maximize the value generated from our assets.”

Suncor reported fourth-quarter oil and gas production of 769,200 barrels of oil equivalent per day, down slightly from 778,200 boe/d a year earlier, and refinery oil throughput of 438,000 barrels per day, also down from 447,500 bpd a year earlier.

In October, Suncor said it will eliminate as many as 1,930 jobs over 18 months to cut costs to deal with low oil prices and market volatility.

Suncor announced an unchanged 21-cent quarterly dividend. It was reduced a year ago from 46.5 cents.

This report by The Canadian Press was first published Feb. 3, 2021.

oil and gas

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Lyn Radford, 2019 Canada Winter Games board chair, was named 2020 Sport Event Volunteer of the Year at the Prestige Awards. (File photo by Advocate staff)
WATCH: Lyn Radford wins award for volunteer efforts

The board chair of the 2019 Canada Winter Games in Red Deer… Continue reading

A candlelight vigil will be held in Red Deer on Thursday to honour the 350-plus people killed in the Easter bombing attack in Sri Lanka. Contributed photo
Candlelight vigil planned for deaths linked to Olymel COVID-19 outbreak

A candlelight vigil is being planned for those who died due to… Continue reading

Red Deer Rebels forward Jaxsen Wiebe battles Calgary Hitmen forward Cael Zimmerman for a loose puck when the two teams squared off in February last season. (Photo by BYRON HACKETT/Advocate Staff)
Calgary Hitmen shutout Red Deer Rebels

Rebels name centre Jayden Grubbe team captain ahead of Friday’s game

Traffic will be delayed on 40th Avenue and 19th Street until the end of February. (Advocate file photo).
Traffic delays expected downtown this weekend

Red Deer drivers will be delayed in the downtown area of the… Continue reading

Bryson, six, and Mara, eight, play with puppies from Dogs With Wings Saturday. (Photo by Sean McIntosh/Advocate staff)
WATCH: Dogs With Wings introduces Red Deer program

A program that trains puppies to be certified service, autism, facility and… Continue reading

Walter Gretzky father of hockey hall-of-famer Wayne Gretzky waves to fans as the Buffalo Sabres play against the Toronto Maple Leafs during third period NHL hockey action in Toronto on Tuesday, January 17, 2017. THE CANADIAN PRESS/Nathan Denette
Funeral for Walter Gretzky to be held Saturday in home town of Brantford, Ont.

The funeral for hockey legend Wayne Gretzky’s father Walter will take place… Continue reading

A sign for the Canadian Security Intelligence Service building is shown in Ottawa on May 14, 2013. A newly released audit report shows that difficulties with the judicial warrant process at Canada's spy agency — an issue that made headlines last summer — stretch back at least nine years. THE CANADIAN PRESS/Sean Kilpatrick
Spy warrant shortcomings stretch back almost a decade, newly released audit shows

OTTAWA — A newly released audit report shows that difficulties with the… Continue reading

In this file photo, a lotto Max ticket is shown in Toronto on Monday Feb. 26, 2018. (By THE CANADIAN PRESS)
No winning ticket for Friday night’s Lotto Max jackpot

TORONTO — No winning ticket was sold for the estimated $29 million… Continue reading

A trial countdown sign marks the days at George Floyd Square, March 4, 2021, in Minneapolis. Ten months after police officers brushed off George Floyd's moans for help on the street outside a south Minneapolis grocery, the square remains a makeshift memorial for Floyd who died at the hand of police making an arrest. The trial of former Minneapolis police officer Derek Chauvin will begin with jury selection on March 8. (AP Photo/Jim Mone)
Officer’s trial could reopen intersection where Floyd died

MINNEAPOLIS — During a group’s recent meeting at the now-vacant Speedway gas… Continue reading

FILE - In this Aug. 30, 2020 file photo Portland Police Chief Chuck Lovell calls for an end to violence in the city during a news conference a day after a demonstrator was shot and killed in downtown Portland. Amid protests following the police killing of George Floyd last year Portland dissolved a special police unit designed to focus on gun violence. Critics say the squad unfairly targeted Black people, but gun violence and homicides have since spiked in Oregon's largest city, and some say disbanding the 35-officer unit was a mistake. (Sean Meagher/The Oregonian via AP, File)
As violence surges, some question Portland axing police unit

PORTLAND, Ore. — Elmer Yarborough got a terrifying call from his sister:… Continue reading

Harley Hay
Harley Hay: Just don’t call it cod liver oil

Many people swear that a daily dose of various vitamins is an… Continue reading

Email editor@auburn-reporter.com
Letter: Preserving green spaces in Red Deer

The Advocate published an article Feb. 11 about Sunnybrook residents concerned about… Continue reading

Former Toronto Argonauts lineman Chris Schultz remembered as a gentle giant

Former Toronto Argonauts lineman Chris Schultz remembered as a gentle giant

Most Read