Suncor Energy Q1 Operating Earnings Up - Quick Facts

(RTTNews) - Suncor Energy Inc. (SU.TO, SU) reported first quarter operating earnings of C$1.793 billion or C$1.22 per common share, higher than the C$1.367 billion or C$0.90 per common share last year.

Cash flow from operations was C$2.880 billion or C$1.96 per common share, versus C$2.284 billion or C$1.50 per common share in the prior year.

The company said that these results were led by strong upstream price realizations driven in part by favourable foreign exchange and increased inland crude pricing.

Net earnings were C$1.485 billion or C$1.01 per common share, an increase from the C$1.094 billion or C$0.72 per common share in the previous year quarter.

Net earnings for the quarter were impacted by the inclusion of an after-tax foreign exchange loss on the revaluation of U.S. denominated debt of C$308 million, compared to C$146 million in the prior year quarter, in addition to the factors that affected operating earnings. Net earnings for the first quarter of 2013 also included an after-tax charge of C$127 million as a result of not proceeding with the Voyageur upgrader project.

Suncor's total upstream production was 545,300 barrels of oil equivalent per day (boe/d) in the first quarter of 2014, a decrease from 596,100 boe/d last year, reflecting the sale of the conventional natural gas business and the shut-in of production in Libya, which was partially offset by higher production in Oil Sands.

Production volumes for Oil Sands operations increased to 389,300 bbls/d from 357,800 bbls/d in the prior year quarter.

Suncor has updated its previously issued 2014 corporate guidance to revise its assumption for natural gas price (AECO - C spot) to C$4.50/gigajoule from C$3.86/gigajoule.