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Net loss of $735 million for Suncor

Fort McMurray, AB, Canada / MIX 103.7
Net loss of $735 million for Suncor

Suncor is posting a net loss of $735 million for the second quarter.

The wildfire that forced the evacuation of the region for most of May is the reason behind the company losing about 20 million barrels of production.

The completion of a turnaround at the Upgrader 2 facilities also contributed to a decrease in production.

Total oilsands output was 177,500 barrels per day, compared to 423,800 in the prior year quarter.

The company also incurred $50 million of after-tax incremental costs related to evacuation and restart activities.

By mid-July, oilsands assets returned to normal production rates.

To view the second quarter report, check out this link.

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