Suncor increases Syncrude stake
Canada Suncor
“This transaction is a strategic fit for our portfolio given the quality of the resource, our existing interest in Syncrude and the potential for value creation,” company president and CEO Steve Williams said in a statement. “It’s consistent with our focus on capital and operational discipline and builds on our successful acquisition of Canadian Oil Sands, increasing our production capacity by 17,500 barrels per day of high-quality light sweet synthetic crude.”
The news coincided with Suncor’s presentation of its quarterly results. The company recorded an operating loss of USD 399 million. Production over the first quarter of 2016 averaged 691,400 boepd, up from 602,400 boepd during the same period last year.
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