Investing.com - Financial Markets Worldwide
😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

UPDATE 1-Suncor 2nd-qtr operating profit falls as lower crude price bites

Published 2015-07-29, 08:57 p/m
UPDATE 1-Suncor 2nd-qtr operating profit falls as lower crude price bites
NG
-
SU
-

(Adds cuts to capital spending, increased dividend and details
on earnings)
VANCOUVER, July 29 (Reuters) - Suncor Energy Inc SU.TO ,
Canada's largest oil and gas company, reported a drop in
second-quarter operating earnings on Wednesday, as lower crude
prices outweighed increased production.
The Calgary-based company, which has already slashed jobs
and spending to help cope with the sharp drop in the price of
oil, cut its full-year capital spending outlook by C$400
million, though it boosted its dividend by 4 percent to 29
Canadian cents.
Suncor's operating profit, which excludes one-time items,
fell to C$906 million, or 63 Canadian cents per share, from
C$1.14 billion, or 77 Canadian cents per share, in the year-ago
period.
Net profit was C$729 million, or 50 Canadian cents per
share. That compared with a profit of C$211 million, or 14
Canadians cents per share, in the second quarter of 2014, when
the company was hit with impairment charges related to its
Joslyn project and other assets.
Output from Suncor's northern Alberta operations rose 12
percent to 423,800 barrels per day, mainly due to less unplanned
maintenance activity in the quarter.
Cash costs for Suncor's oil sands operations fell to C$28.00
per barrel from C$34.10 in the year-prior quarter, due to the
positive impact of increased production, as well as lower
natural gas prices and cost reduction initiatives.
Overall, Suncor produced a total 559,900 barrels of oil
equivalent per day, up 8 percent from 518,400 in the second
quarter of 2014.
Cash flow, a key indicator of the company's ability to pay
for new projects and drilling, fell to C$2.16 billion, or C$1.49
per share, down from C$2.4 billion, or C$1.64, a year ago.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.