Canadian Oil Sands posts 3rd-qtr loss due to FX-related debt losses

Thu Oct 29, 2015 4:49pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

CALGARY, Alberta Oct 29 (Reuters) - Canadian Oil Sands Ltd , the biggest shareholder in the Syncrude project, on Thursday reported a third-quarter net loss, mainly due to unrealized foreign exchange losses on U.S. dollar-denominated debt.

Canadian Oil Sands posted a loss of C$174 million ($132.22 million), or 36 Canadian cents per share.

That was below the average analyst expectation of a loss of 22 Canadian cents per share, according to Thomson Reuters I/B/E/S.

COS realized a synthetic crude oil selling price of C$60.20 per barrel compared with C$102.58 per barrel in the same 2014 quarter.

Cash flow from operations, a key indicator of the company's ability to pay for new projects and drilling, fell to C$82 million, compared to C$302 million in the same quarter of 2014, largely reflecting the lower synthetic crude price.

The company is resisting a hostile takeover bid from Suncor Energy, Canada's largest oil and gas producer, and said in a statement on Thursday that the offer was "wholly inadequate," and "entirely opportunistic." ($1 = 1.3160 Canadian dollars) (Reporting by Nia Williams, editing by G Crosse)