Canada Oil-Sands Giant Suncor Posts Loss
29 Octobre 2015 - 2:30AM
Dow Jones News
CALGARY, Alberta—Suncor Energy Inc., Canada's largest crude-oil
producer, reported a third quarter net loss late Wednesday on
slumping crude oil prices, setting a grim tone for the Canadian
energy industry's earnings.
The Calgary-based company posted a net loss of 376 million
Canadian dollars ($284.9 million), or 26 Canadian cents a share, in
the three months to Sept. 30. That compared with a net profit of
C$919 million, or C$0.63 per share, in the same period last
year.
On an operating, or adjusted, basis that excludes one-time
items, Suncor posted quarterly earnings of C$410 million, or C$0.28
a share, down 68.6% from the C$1.31 billion, or C$0.89 per share,
in the year-earlier period. That was above a consensus forecast of
C$0.24 a share, according to Barclays Capital Inc.
Cash flow from operations came to C$1.88 billion, well below the
C$2.28 billion it generated a year ago, which the company said
reflected "the lower upstream crude oil price environment."
Suncor is the first major Canadian energy producer to post
earnings for the quarter, but its weak results are expected to be
replicated by peers reporting later this week, including Canadian
Oil Sands Ltd., Cenovus Energy Inc. and Husky Energy Inc. Canadian
Natural Resources Ltd., the country's largest natural gas producer
and a large oil-sands operator, plans to report its third quarter
results next week.
The company maintained its full-year production forecast within
a range of 550,000-595,000 barrels of oil equivalent a day and kept
its full year capital spending budget unchanged at between C$5.8
billion and C$6.4 billion. However, that is below an original
spending target of up to C$7.8 billion.
Suncor, which launched a hostile takeover bid earlier this month
for smaller rival Canadian Oil Sands, said its offer of a C$0.25 a
share for the top stakeholder in the Syncrude oil-sands consortium
would create more efficiencies that reward shareholders. "We
believe that we can drive real improvements in Syncrude's
performance with a larger ownership interest," Chief Executive
Steve Williams said in a statement.
Canadian Oil Sands, which has rejected Suncor's overture, owns a
36.7% stake in the giant oil-sands miner Syncrude. Suncor has a 12%
stake in the seven-member consortium and Exxon Mobil Corp. owns a
25% share through its Canadian subsidiary Imperial Oil Ltd., which
is the primary operator of Syncrude.
Overall production volumes at Suncor averaged 566,100 barrels of
oil equivalent a day, up from 559,900 boe in the previous quarter
and above the 519,300 boe it produced a year ago. Oil-sands output
rose to 430,300 barrels a day, up 18,600 barrels a day on the year
and above 423,800 barrels a day last quarter.
Write to Chester Dawson at chester.dawson@wsj.com
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(END) Dow Jones Newswires
October 28, 2015 21:15 ET (01:15 GMT)
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