Suncor Energy reports slump in annual net earnings

Published: 21-Jan-2009

By: Staff Writer Staff Writer Staff Writer

Canadian integrated energy company Suncor Energy has reported net earnings of C$2.14 billion, or C$2.29 per common share, for 2008, compared to C$2.98 billion, or C$3.23 per common share, for 2007.

The company has reported cash flow from operations of C$4.46 billion in 2008, compared to cash flow from operations of C$4 billion in 2007.

Suncor has reported a net loss of C$215 million, or C$0.24 per common share, for the fourth quarter of 2008, compared to net earnings of C$1.04 billion, or C$1.13 per common share, for the same quarter of 2007.

For the fourth quarter of 2008, the company has reported cash flow from operations of C$551 million, compared to C$1.2 billion for the same period of 2007.

Rick George, president and CEO of Suncor Energy, said: “We have had a challenging 2008 with unscheduled maintenance at our oil sands operations. We have put effort into maximizing the reliability of our assets with the target of achieving higher, more stable production rates in 2009 and beyond.”

Suncor Energy is an integrated energy company headquartered in Calgary, Alberta. Suncor’s oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas.

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