EDMONTON – Calgary-based Suncor posted a net loss of $2 billion in the final quarter of 2015.
Canada’s most powerful oil and gas company released its fourth-quarter results on Wednesday. It said the massive loss is due to non-cash asset writedowns, which were a result of the depressed commodity cycle and foreign exchange loss of U.S. dollar denominated debt.
The email you need for the day's
top news stories from Canada and around the world.
Suncor had operating earnings of $84 million in the final quarter of 2014.
It also is carrying an operating loss of $26 million, compared to operating earnings of $386 million in the same quarter last year.
The company cites lower crude oil prices as a driving factor.
-with files from the Canadian Press
Comments