Suncor posts operating loss on drop in oil price

Wed Apr 27, 2016 9:39pm EDT
 
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CALGARY, Alberta, April 27 (Reuters) - Suncor Energy Inc , Canada's largest oil and gas company, on Wednesday reported a first-quarter profit driven by foreign exchange gains, but it fell to an operating loss on lower oil prices.

The Calgary-based company reported a net profit of C$257 million, or 17 Canadian cents per share, compared with a loss of C$341 million, or 24 Canadian cents per share, in the same quarter of last year.

Excluding one-time items, Suncor posted an operating loss of C$500 million, or 33 Canadian cents per share, compared with an operating profit of C$175 million, or 12 Canadian cents per share, in the year-ago period.

(Reporting by Julie Gordon; Editing by Leslie Adler)