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Suncor reports loss in earnings

Oil sands
Suncor news

Suncor Energy have reported a loss in earnings on the back on the oil price decline.

Canada’s largest oil and gas company said its net loss was $341million, compared to $1.49billion in the first quarter of 2014.

Suncor has already reduced its headcount and spending to deal with the current climate.

The company is a dominant producer in Canada’s oil sands and said efforts remained on track to cut $1billion from its 2015 capital budget.

Output from Suncor’s northern Alberta operations have risen 13% to 440,400 barrels per day.

Suncor said that overall it has produced a total 602,400 barrels of oil equivalent per day – up 10.5% from 545,300 boepd in the fourth quarter of 2014.

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