Suncor Energy financial results for second quarter reflect reduced production

• Published in: Canada NewsWire p. 1
• Format: Newsletter
• Language: English
• Published: Ottawa PR Newswire Association LLC 27.07.2005
• Subjects: Cash flow; Corporate profits; Crude oil; Debt management; Energy; Natural gas; Oil sands; Petroleum refineries; Production capacity; Regulatory approval; Schedules; Settlements & damages

As Suncor invests for future growth, prudent debt management remains a priority. At the end of the second quarter, the company's net debt was $2.9 billion. This is expected to increase as Suncor continues to fund growth during a period of reduced cash flow, primarily as a result of the January fire at oil sands. Suncor expects insurance proceeds will substantially mitigate impacts to the company's balance sheet and, as insurance settlements are reached, the majority of proceeds are planned to be used to reduce debt. Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout Western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include refining operations in Colorado and retail sales in the Denver area under the Phillips 66 brand. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. This news release contains forward-looking statements that address goals, expectations or projections about the future. These statements are based on Suncor's current goals, expectations, estimates, projections and assumptions, as well as its current budgets and plans for capital expenditures. Some of the forward- looking statements may be identified by words like "outlook", "expects," "anticipates," "plans," "intends," "believes," "could," "focus," "scheduled," "goal," "proposed," "continue," "target," "forecast," "objective," "budgeted" and similar expressions. These statements are not guarantees of future performance. Actual results could differ materially, as a result of factors, risks and uncertainties, known and unknown, to which Suncor's business is subject. These could include: changes in general economic, market and business conditions; fluctuations in supply and demand for Suncor's products; fluctuations in commodity prices and currency exchange rates; the impact of stakeholder consultation; the regulatory process; technical issues; environmental issues; technological capabilities; new legislation; the occurrence of unexpected events; Suncor's capability to execute and implement its future plans; and changes in current plans. Further discussion of the risks, uncertainties and other factors that could affect these plans, and any actual results, is included in Suncor's annual report to shareholders and other documents filed with regulatory authorities.