Suncor Energy reports strong financial performance

• Published in: Canada NewsWire p. 1
• Format: Newsletter
• Language: English
• Published: Ottawa PR Newswire Association LLC 26.04.2007
• Subjects: Accounting policies; Cost estimates; Crude oil; Crude oil prices; Debt management; Energy economics; GAAP; Natural gas liquids; Natural gas prices; Oil sands; Operating costs; Petroleum production; Petroleum refineries; Production capacity; Schedules; Alberta

As a result of lower than planned production in the first quarter, Suncor has revised its outlook for 2007. Production is now targeted at 255,000 bpd to 265,000 bpd, down slightly from original targets of 260,000 bpd to 270,000 bpd. Cash operating cost targets have been adjusted upward to $23.50 to $24.50 per barrel from $21.50 to $22.50 per barrel. 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 "expects," "anticipates," "estimates," "plans," "scheduled," "intends," "believes," "projects," "indicates," "could," "focus," "goal," "proposed," "target," "objective," "may," "outlook," "on our way," "investigating," "continue," 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. 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.