Suncor “disappointed” with results

DATE: 25 Jul 2008
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Suncor Energy Inc's production slips but earnings rose 12 percent for the Canadian oilsands producer, thanks to high crude prices.

Oilsands production averaged 174,600 barrels per day, down 14 percent, Suncor said.

As a result, the firm adjusted its full year production outlook to between 240,000 and 250,000 barrels per day to reflect the weak numbers posted in the first half.

"Obviously we're not very happy with the production for the first six months of this year. We know we disappointed," chief executive Rick George said in a conference call.

He added that the lower production is temporary and Suncor is on track to deliver strong results during the rest of the year.

Second quarter net income rose to CAN$829 million, or 89 cents per share, from CAN$738 million, or 80 cents per share, a year earlier.

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