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Suncor Energy swings to loss in Q2 from SNL Energy Finance Daily Suncor Energy swings to loss in Q2Byline: Stephen Cedric Jumchai Suncor Energy Inc. on July 22 reported an operating loss of C$1.49 billion, or 98 Canadian cents per share, for the second quarter, down from operating earnings of C$1.25 billion, or 80 cents per share, in operating earnings recorded during the same period a year ago. The S&P Global Market Intelligence consensus normalized estimate for the second quarter was a loss of 62 cents per share. The Canadian oil sands producer noted a net loss of C$614 million for the quarter, compared to net earnings of C$2.73 billion a year ago. The net loss for the quarter included a C$478 million after-tax foreign exchange gain on the revaluation of U.S. dollar-denominated debt but excluded the C$397 million after-tax hydrocarbon inventory loss that was recognized in net earnings in the first quarter. Total upstream production came in at 655,500 barrels of oil equivalent per day for the second quarter, compared to 803,900 boe/d in the prior-year quarter, due to a significant decline in crude oil demand. Suncor said its second-quarter results were significantly affected by the COVID-19 pandemic, which lowered demand for crude oils and refined products, and OPEC+ increases in supply that caused a significant decline in commodity prices. "We are focused on maximizing our upstream production integration with our upgraders and refineries, shifting our refined product mix to meet demand, and leveraging our midstream trading and marketing expertise and logistics," Suncor said in the earnings release. "As a result, the company is positioned to respond quickly to changing market conditions, including keeping its refinery assets ready and available and ensuring a secure outlet for its product." |
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