Suncor Energy ended a tough 2020 with another dip in funds.

The oil company released its latest quarterly update on Wednesday highlighting a net loss of $168 million from October to December.

This comes after posting net losses of $3.5 billion, $614 million, and $12 million in the first three quarters.

Despite this, Suncor believes the end of the year wasn’t as bad as some may think.

“We also exceeded our operating cost reduction target, met our full-year capital reduction target, executed on key strategic projects, and reaffirmed our commitment to significantly reduce our debt and increase returns to shareholders through our share repurchase program in 2021,” said Mark Little, President, and CEO.

As for upstream production, Suncor averaged 769,200 barrels of oil equivalent per day which is slightly down from 2019 levels.

This is up from the roughly 616,000 boe/d they produced in the third quarter, which is mainly due to an eight per cent increase in their refinery utilization.

“Suncor delivered strong operational results during the fourth quarter, reflecting improved performance across our assets in November and December following the completion of significant maintenance at the end of October,” added Little.