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