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Suncor releases Q1 results

Suncor’s first quarter results were better than analysts expected.

First quarter earnings were down from last year, but still $1.3 billion.

CFO Bart Demosky says the company will spend seven and a half billion dollars in capital this year. The company says despite the fire that caused an outage at Suncor, it won’t have to adjust production estimates.

But the outage did bump down oil sands production by about 5 percent.

The results were released ahead of the company’s annual general meeting today. The AGM is the last under CEO Rick George, who is retiring. After 21 years at the helm, George will hand the reins to chief operating officer Steve Williams.

One of the biggest milestones of George’s tenure was the 2009 takeover of former Crown corporation Petro-Canada.

Published May 1st, 2012