Suncor posts net loss in third quarter on unrealized FX loss

Wed Oct 28, 2015 8:19pm EDT
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CALGARY, Alberta Oct 28 (Reuters) - Suncor Energy Inc , Canada's largest oil and gas company, on Wednesday reported a third-quarter loss due to an unrealized after-tax foreign exchange loss of C$786 million ($595.91 million) on the revaluation of U.S. dollar denominated debt.

Suncor's operating profit, which excludes one-time items, fell to C$410 million, or 28 Canadian cents per share, in the third quarter, from C$1.306 billion, or 89 Canadian cents per share, in the year-ago period.

The net loss was C$376 million, or 26 Canadian cents per share. In the year-prior quarter net earnings were C$919 million, 63 Canadian cents per share.

Overall, Suncor produced a total of 566,100 barrels of oil equivalent per day, up from 519,300 in the third quarter of 2014. ($1 = 1.3190 Canadian dollars) (Reporting by Nia Williams)