Suncor turns to loss as wildfire shutdown drags on earnings

Wed Jul 27, 2016 8:55pm EDT
 
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VANCOUVER, July 27 (Reuters) - Suncor Energy Inc, Canada's largest oil and gas company, reported a second-quarter loss on Wednesday, as it was hit by a significant decline in oil sand production due to the shut in of operations during the Fort McMurray wildfire.

The Calgary-based company reported a net loss of C$735 million, or 46 Canadian cents per share, in the quarter ended June 30. That compared with a profit of C$729 million, or 50 Canadian cents per share, in the same quarter of last year.

Excluding one-time items, Suncor posted an operating loss of C$565 million, or 36 Canadian cents per share. Analysts, on average, had estimated an operating loss of 26 Canadian cents per share, according to Thomson Reuters I/B/E/S. (Reporting by Julie Gordon; Editing by Sandra Maler)