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Suncor Q1 shows increase in production, operating losses

Fort McMurray, AB, Canada / MIX 103.7
Suncor Q1 shows increase in production, operating losses
A lot of news is coming out of Suncor this week, including first quarter results for the energy giant.
The company says operating losses were $500 million driven by low commodity prices.
Net earnings were $257 million for the first quarter of 2016, compared with a net loss of $341 million for the first quarter of 2015.
The company also says cash operating costs per barrel for Oil Sands operations decreased in the first quarter of 2016 to an average of $24.25/bbl, compared to $28.40/bbl in the prior year quarter.
CEO Steve Williams says cost reduction initiatives are continuing to drive efficiencies across Suncor’s operations.
Suncor’s total upstream production rose from  691,400 barrels of oil equivalent per day in the first quarter of 2016, compared with 602,400 boe/d in the prior year quarter.
The increase was due primarily to the additional 36.74% working interest in Syncrude associated with the COS acquisition on February 5.
A link to the first quarter report is here.
 Pictured: Suncor CEO Steve Williams

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