Suncor profit rises to $457M
Last Updated: Tuesday, February 2, 2010 | 9:34 AM ET
The Canadian Press
Suncor Energy Inc. is reporting fourth quarter 2009 net earnings of $457 million, or 29 cents per common share.
That compares to a net loss of $215 million, or 24 cents per common share, for the fourth quarter of 2008.
Ten analysts polled by Thomson Reuters were on average expecting earnings of 42 cents per share.
Revenue, before paying for royalties and excluding revenue from energy trading, was $7.5 billion in the quarter, up from $3.98 billion in the fourth quarter of 2008.
Suncor attributes the increase to a jump in increased upstream production and refined product sales volumes resulting from the merger with Petro-Canada.
Suncor, known as a top oilsands operator, became the biggest energy company in Canada after its merger with former Crown corporation Petro-Canada in August.
In a statement released early Tuesday, the Calgary-based oil giant also gives credit to higher crude oil prices in this quarter compared to the year-ago period.
"We started the year confronting one of the most challenging global economic downturns of the past century, but today Suncor is a larger, stronger and more financially flexible company as we continue to realize some significant synergies following the merger with Petro-Canada," said Rick George, president and chief executive officer.
Suncor's total upstream production during the fourth quarter of 2009 averaged 638,200 barrels of oil equivalent (boe) per day.
Asset sales expected
That includes additional production of 325,600 boe per day resulting from the merger.
The company's outlook for the current year includes total production of 644,000 boe per day before targeted divestitures and not including its share of production from the Syncrude oilsands partnership.
Suncor inherited a hodgepodge of assets through the Petro-Canada deal, including refineries, a gas station chain, natural gas holdings, offshore production and overseas operations.
Since the merger, Suncor has been paring down parts of its portfolio that don't fit with its core oilsands business.
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