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Suncor Energy Reduces Capital Spending, Libyan Production Down
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Suncor Energy has reported 2Q 2014 results.
Highlights Operating earnings of $1.135 billion ($0.77 per common share) and net earnings of $211 million ($0.14 per common share). Net earnings included after-tax impairment charges of $718 million against the company's interest in the Joslyn mining project, $297 million against the company's Libyan assets, and $223 million related to other Oil Sands assets. Quarterly cash flow from operations of $2.406 billion ($1.64 per common share), and a 66% increase in free cash flow to $3.599 billion for the twelve months ended June 30, 2014, over the prior year period. Increased production at Firebag, combined with the company's continued focus on cost management, enabled Suncor to achieve cash operating costs per barrel of $34.10 for Oil Sands…- ✓ Full news archive — U.S., Canada & international coverage
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