Newspaper article The Canadian Press

Suncor Reports Lower Net Earnings as Weather Outage Cuts into Oilsands Output

Newspaper article The Canadian Press

Suncor Reports Lower Net Earnings as Weather Outage Cuts into Oilsands Output

Article excerpt

Suncor reports lower net earnings, production

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CALGARY - Suncor Energy Inc. says net earnings in the first quarter of 2018 fell to $789 million or 48 cents per share, compared to $1.35 billion or 81 cents per share in the same period of 2017.

Net earnings included a $329-million non-cash foreign exchange loss and a non-cash gain of $133 million from an exchange of lands with Canbriam Energy Inc.

It missed analyst expectations of $1.05 billion or 63 cents as reported by Thomson Reuters.

Operating earnings, which strip out one-time and non-cash items, were $985 million or 60 cents per share, beating $812 million or 49 cents posted a year earlier as well as analyst predictions of $952 million or 53 cents per share.

Suncor says a "weather-related outage" at the company's base camp north of Fort McMurray, Alta. …

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