Suncor Posts $2.3B Loss in Fourth Quarter of 2019

The end of 2019 wasn’t the best time for Suncor Energy.

The oil company released its fourth-quarter update on Wednesday highlighting a net loss of $2.3 billion in the last three months of the year.

They say this is due to impairment charges of over $3.3 billion, with a big chunk coming from lower forecasted heavy oil prices for their Fort Hills site.

As for oilsands production, Suncor was able to average 418,100 barrels of oil per day. This is down from the 432,700 bbls/d they averaged in 2018.

At Fort Hills, they averaged just under 88,000 bbls/d, while at Syncrude they managed to produce over 156,000 bbls/d with their share.

“We demonstrated solid reliability across our refineries and upgraders during the quarter and, while we had some operational challenges, we completed significant maintenance across our upstream operation,” said Mark Little, Suncor President and CEO.

Production at Fort Hills and Syncrude are down year over year, however, Suncor says planned maintenance was the main reason for the drop at Syncrude.

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