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CALGARY – Canadian oilsands and refining giant Suncor Energy Inc. is reporting a fourth-quarter net loss of $168 million or 11 cents per share, compared with a net loss of $2.34 billion or $1.52 in the same period of 2019. The company says the loss includes a $423-million after-tax asset impairment charge, along with a $142-million transportation provision related to the recently cancelled Keystone XL oil export pipeline project, offset by a $539-million unrealized after-tax foreign exchange gain on U.S. dollar denominated debt. The net loss in the fourth quarter of 2019 included a writedown of $3.35 billion on its Fort Hills oilsands mine and the West White Rose oil project offshore Newfoundland and Labrador. In early January, Suncor advised that it would take another writedown of about $425 million on its minority share of the White Rose and West White Rose offshore oil projects due to uncertainty about their future. The Calgary-based company reported a fourth-quarter operating loss of $142 million or nine cents per share, down from operating earnings of $782 million or 51 cents in the year-earlier period. Revenue totalled $6.6 billion, down from $9.6 billion. Analysts on average had expected revenue of $7.4 billion and […]
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