Higher crude oil prices drive solid earnings for Suncor Energy; All financial figures are unaudited and in Canadian dollars unless noted otherwise. Certain prior period amounts have been restated to conform to the current year's presentation. Certain financial measures referred to in this document are not prescribed by Canadian generally accepted accounting principles (GAAP). For a description of these measures, see "Non-GAAP Financial Measures" in Suncor's 2006 third quarter management's discus

• Published in: PR Newswire
• Format: Newsletter
• Language: English
• Published: New York PR Newswire Association LLC 26.10.2006
• Subjects: Accounting policies; Canadian dollar; Cash flow; Cost estimates; Crude oil; Crude oil prices; Debt management; Energy economics; Expansion; GAAP; Gasoline prices; Management Discussion & Analysis; Natural gas prices; Oil sands; Operating costs; Petroleum refineries; Production capacity

Suncor's total upstream production averaged 277,400 barrels of oil equivalent (boe) per day during the third quarter of 2006, compared to 184,500 boe per day in the third quarter of 2005. Natural gas production in the third quarter of 2006 was 191 million cubic feet (mmcf) per day, compared to third quarter 2005 production of 200 mmcf per day. Oil sands production during the third quarter of 2006 averaged 242,800 barrels per day (bpd), consisting of 236,200 bpd of synthetic crude oil and 6,600 bpd of bitumen, which was sold directly to the market. Third quarter oil sands production was lower than full capacity due to unplanned maintenance. Comparative production during the third quarter of 2005, which was reduced due to damage from a fire earlier in the year, averaged 148,200 bpd, including 23,000 bpd of bitumen. 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 pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66(R) 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. In particular, our estimates of capital expenditures are subject to a +/- 10% range of uncertainty. Some of the forward-looking statements may be identified by words like "likely", "targets", "expected", "plans", "goal", "estimates", "may", "well positioned", "outlook" 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; actions by governmental authorities including the imposition of taxes or changes to fees and royalties, changes in environmental and other regulations; 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.