Suncor reports Q4 loss of C$2 bln on writedowns, unrealized FX loss

Wed Feb 3, 2016 8:19pm EST
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CALGARY, Alberta Feb 3 (Reuters) - Suncor Energy Inc , Canada's largest oil and gas company, reported a fourth-quarter loss of C$2 billion ($1.46 billion) on Wednesday due to asset writedowns as a result of weak global crude prices and unrealized foreign exchange losses.

In the year-prior quarter net earnings were C$84 million, or 6 Canadian cents per share.

Suncor's operating loss, which excludes one-time items, was C$26 million, or 2 Canadian cents per share, in the fourth quarter, from operating earnings of C$386 million, or 27 Canadian cents per share, in the year-ago period.

Suncor produced a total of 582,900 barrels of oil equivalent per day, from 557,600 in the fourth quarter of 2014, primarily due to reliability in oil sands operations. ($1 = 1.3737 Canadian dollars) (Reporting by Nia Williams; Editing by Bernard Orr)