Company News

Suncor Energy fourth-quarter loss widens on impairment charge

Feb 5 (Reuters) - Suncor Energy Inc, Canada’s second-largest oil and gas producer, reported a bigger quarterly loss on Wednesday, hurt by an after-tax impairment charge.

The Calgary, Alberta-based company posted a loss of C$2.3 billion ($1.73 billion), or C$1.52 per share, in the fourth quarter ended Dec. 31, compared with a loss of C$280 million, or C$0.18 per share, a year earlier.

The company recorded an after-tax impairment charge of C$2.8 billion on its share of the Fort Hills assets in the Oil Sands segment, due to a decline in forecasted long-term heavy crude oil prices. ($1 = 1.3282 Canadian dollars) (Reporting by Arunima Kumar and Rebekah Mathew in Bengaluru; Editing by Subhranshu Sahu)