February 4, 2016 1:57 am
Updated: February 4, 2016 1:59 am

$2 billion loss for Suncor in final quarter of 2015

A pedestrian is reflected in a Suncor Energy sign in Calgary, Feb. 1, 2010. Suncor Energy and Canadian Oil Sands have come to terms on a $6.6-billion deal that ends a public battle between the two Calgary-based companies. Suncor has increased how much stock it will pay to buy COS, which had said the previous offer was too low.


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.

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

© 2016 Shaw Media

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