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Suncor Posts Profit In Third Quarter; Cenovus Reports Loss

Fort McMurray, AB, Canada / MIX 103.7
Suncor Posts Profit In Third Quarter; Cenovus Reports Loss

Suncor Energy is seeing a big production re-bound since the wildfire.

The oil sands giant posted a net third-quarter profit of 392 million dollars, compared with a net loss of 376 million dollars in the same period last year.

The Calgary based company says they produced over 433 thousand barrels per day in the third quarter. That’s up from 178 thousand bpd in the second quarter.

Suncor says the main focus in their oil sands operations in the third quarter was the successful return of all Fort McMurray region assets to normal rates of production following the forest fires in the second quarter.

Cenovus reports third quarter loss

Cenovus Energy Inc is reporting a quarterly net loss of 251 million dollars.

But, the Calgary-based company notes production at Christina Lake, which is located about 150 kilometres southeast of Fort McMurray, has increased consistently in 2016, growing 4 per cent from the first quarter through the third quarter.

Cenovus says one of their key developments last quarter was increasing production at Christina Lake to almost 80 thousand barrels per day and beginning the start-up of Christina Lake phase F.

They’re anticipating the first oil to come from phase F will be in November.

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