- Funds from operations increased to $1.221 billion ($0.80 per common share) in the fourth quarter of 2020
- The company recorded an operating loss of $142 million ($0.09 per common share) in the fourth quarter of 2020
- The company exceeded its previously announced operating cost reduction target, reducing annual operating costs by $1.3 billion in 2020
- Suncor’s total upstream production was 769,200 barrels of oil equivalent per day (boe/d) in the fourth quarter
- Suncor’s Board of Directors approved a quarterly dividend of $0.21 per common share
- Suncor Energy (SU) is down 2.7 percent, trading at C$21.64 per share at 10 am EST
Suncor Energy reports fourth quarter 2020 results.
“Suncor delivered strong operational results during the fourth quarter, reflecting improved performance across our assets in November and December following the completion of significant maintenance at the end of October,” said Mark Little, president and chief executive officer.
“We also exceeded our operating cost reduction target, met our full-year capital reduction target, executed on key strategic projects, and reaffirmed our commitment to significantly reduce our debt and increase returns to shareholders through our share repurchase program in 2021.”
Highlights
Funds from operations increased to $1.221 billion ($0.80 per common share) in the fourth quarter of 2020, from $1.166 billion ($0.76 per common share) in the third quarter of 2020.
The company recorded an operating loss of $142 million ($0.09 per common share) in the fourth quarter of 2020, compared to an operating loss of $302 million ($0.20 per common share) in the third quarter of 2020 and operating earnings of $782 million ($0.51 per common share) in the prior year quarter.
The company had a net loss of $168 million ($0.11 per common share) in the fourth quarter of 2020, which included a $539 million unrealized after-tax foreign exchange gain on the revaluation of U.S. dollar denominated debt, a non-cash impairment charge of $423 million after-tax due to the high degree of uncertainty surrounding the future of the West White Rose Project and a $142 million after-tax transportation provision related to the Keystone XL pipeline project. The net loss in the prior year quarter was $2.335 billion ($1.52 per common share), which included non-cash impairment charges of $3.352 billion after-tax related to Fort Hills and the West White Rose Project.
The company exceeded its previously announced operating cost reduction target, reducing annual operating costs by $1.3 billion (approximately 12%) in 2020, compared to 2019 levels, and met its capital reduction target, reducing annual capital expenditures by $1.9 billion (approximately 33%) in 2020 compared to the original 2020 capital guidance midpoint.
During the fourth quarter of 2020, Suncor’s total upstream production was 769,200 barrels of oil equivalent per day (boe/d) compared to 778,200 boe/d in the prior year quarter.
Subsequent to the fourth quarter of 2020, Suncor’s Board of Directors approved a quarterly dividend of $0.21 per common share.
Suncor Energy (SU) is down 2.7 percent, trading at C$21.64 per share at 10 am EST.