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Suncor plans to sell $4B in assets

Will return to its oilsands roots

Last Updated: Friday, November 6, 2009 | 2:08 PM ET

CBC News

Calgary-based Suncor Energy Inc. said Friday it plans to sell up to $4 billion in assets next year.

The announcement came as the company continues to digest the operations it gained through its merger with Petro-Canada announced in March.

Suncor Energy says the asset sales will take place next year. Suncor Energy says the asset sales will take place next year. (Adrian Wyld/Canadian Press)

CEO Rick George said in a conference call Suncor will return to its roots as an "oilsands-dominated" firm. "I am not a seller of oilsands leases, because it's our heartland and it's the core of this company," George said.

The company expects most of the asset sales will take place in 2010. They include natural gas properties in North America, some of its smaller holdings in the North Sea, and natural gas operations in Trinidad and Tobago, among others.

Suncor on Thursday also reported its first quarterly earnings since the merger.

Net income was $929 million, or 74 cents a share, up from $815 million, or 87 cents a share in the same period a year ago. However, earnings from operations fell to $288 million, or 23 cents per share, compared with $810 million a year ago.

Suncor blamed lower oil and gas prices and higher costs as it increased production from its oilsands operations.

The energy giant said these factors were partially offset by increased upstream production resulting from the Petro-Canada merger and improved operational performance in its existing oil sands assets. Suncor shares were trading up seven cents to $35.44 Friday on the Toronto Stock Exchange.

With files from The Canadian Press
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