VANCOUVER, July 29 (Reuters) - Suncor Energy Inc, Canada’s largest oil and gas company, reported a drop in second-quarter operating earnings on Wednesday, as lower crude prices outweighed increased production.
The Calgary-based energy producer’s operating profit, which excludes one-time items, fell to C$906 million, or 63 Canadian cents per share, from C$1.14 billion, or 77 Canadian cents per share, in the year-ago period.
Suncor’s net profit was C$729 million, or 50 Canadian cents per share. That compared with a profit of C$211 million, or 14 Canadians cents per share, in the second quarter of 2014, when the company was hit with impairment charges related to its Joslyn project and other assets.
Reporting by Julie Gordon