Lower Oil Sands Production a One Quarter Blip for Canada's Suncor.

Oil Daily, The, August, 2003

Looking strictly at the numbers, it appeared as though Calgary-based oil sands producer Suncor Energy didn't have that great of a quarter. But in fact, Suncor had to sacrifice some production and profit in the quarter to complete planned maintenance on a huge piece of equipment that had been in operation since 1967.

Suncor's second-quarter oil sands production totaled 188,200 barrels per day, down from a year-ago level of 207,600 b/d. The company's net earnings dipped to US$85.7 million, or US21cents/share, compared with US$162.6 million, or US37cents/share, in the second quarter of 2002. Excluding the effects of unrealized foreign currency translation and a non-cash income tax adjustment, net earnings in the second quarter of 2003 were US$115 million, or...