Suncor Energy in its 2012 Annual Report says it saw growth in oil sands production but a decline in its net earnings.
The country’s biggest energy company reported an increase of 20,000 barrels per day in its oil sands production from 2011 to 360,000 last year.
It says because of a decline in oil prices its net earnings fell just under a 35% from $4.3-billion in 2011 to $2.8-billion last year.
In it’s fourth quarter it reported its first net loss in more than three years of $562-million because of a write-off charge of $1.49-billion related to the Voyageur oil sands upgrader.
It says, Voyageur, Joslyn and Fort Hills oil sands mines – a joint venture with Total SA – will be reviewed, and the company said that they might not go forward if they’re not feasible.
March 4th, 2013
