Suncor Energy Inc (TSX: SU) which is in the process of taking over Petro-Canada (TSX:PCA; NYSE:PCZ), swung to a net loss of C$51 million in the second quarter from a C$829 million profit a year earlier, hit by low oil and gas prices.
Net loss for the first six months of 2009 was C$240 million, compared to net earnings of C$1.537 billion for the same period in 2008.
Suncor's total upstream production averaged 336,100 barrels of oil equivalent per day during the second quarter of 2009, compared to 212,300 boe per day in the second quarter of 2008. Oil sands production contributed an average 301,000 barrels per day (bpd) in the second quarter of 2009, compared to second quarter 2008 production of 174,600 bpd.
As previously announced, Suncor deferred the company's growth projects in its revised 2009 capital budget. It does not anticipate any changes to its growth project plans until after the close of the proposed merger with Petro-Canada, which is currently expected to be completed on August 1 2009.
For the full year, Suncor expects oil production from its oil sands at an average 300,000 barrels per day, plus 5 and minus 10 percent, and natural gas production at 210 million cubic feet per day on average, plus or minus 5 percent.
No comments:
Post a Comment