By Canadian Press

LOWER ENERGY DEMAND

Suncor reports Q2 loss of $614M

Jul 23, 2020 | 7:41 AM

CALGARY- Suncor Energy is reporting a second-quarter net loss of $614 million after it cut back on production to deal with sharply reduced crude prices amid lower global energy demand.

The loss, which equates to 40 cents per share, compares with net earnings of $2.73 billion or one-dollar-74-cents per share in the same period of 2019, but beat analyst expectations of a loss of $1.28 billion, according to Refinitiv.

The net loss includes a $478 million unrealized after-tax foreign exchange gain on the revaluation of U.S. dollar denominated debt.

Suncor’s total production was 655,500 barrels of oil equivalent per day during the three months ending June 30 — 18.5% less than the prior year quarter.

The CEO of Suncor says the company won’t quickly ramp up oil production despite recent higher crude prices as the North American economy begins to reopen following the easing of lockdowns from the COVID-19 pandemic.

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Mark Little says he won’t “bet the financial health” of the company on the nascent recovery, listing a host of risks including the possibility of a second wave of virus outbreaks.

On a conference call to discuss second-quarter results, Little reiterated his contention that the energy sector recovery will be led by consumers of its refined products, with higher demand for fuel translating into more demand for oil.

(The Canadian Press)