Suncor Energy Slips To Loss In Q1

(RTTNews) - Suncor Energy Inc. (SU, SU.TO) reported that its net loss for the first quarter of 2015 was C$341 million and C$0.24 per share, compared with net earnings of C$1.485 billion and C$1.01 per share in the prior year quarter.

Net loss for the first quarter of 2015 was impacted by the same factors that influenced operating earnings described above and also included the impact of an after-tax foreign exchange loss on the revaluation of U.S. dollar denominated debt of C$940 million, compared to an after-tax foreign exchange loss of C$308 million in the prior year quarter.

Quarterly operating earnings fell to C$175 million and C$0.12 per share, from C$1.793 billion and C$1.22 per share, in the prior year quarter, reflecting the lower crude oil price environment. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.14 per share. Analysts' estimates typically exclude special items.

The company has made significant progress on the cost reduction initiatives announced earlier this year. Suncor expects that the C$600 million to C$800 million in planned operating budget reductions will be substantially realized in 2015, ahead of the previously projected two-year period. Suncor is also on track to achieve the C$1 billion reduction to its 2015 capital budget while maintaining steady progress on the key growth projects already under construction, including Fort Hills and Hebron. The cost reductions have not impacted the company's continued safety, reliability and environmental performance.