Related Articles
Forward article link
Share PDF with colleagues

Suncor rethinks strategy as unconventionals' rise changes supply mix

North America's changing supply mix is prompting Canadian oil-sands producer Suncor Energy to rethink its strategy

The Calgary-based company posted a net loss of C$562 million ($564.09m) in the fourth quarter. The figure included a C$1.5-billion impairment charge on the unfinished Voyageur upgrader, a C$11.9-bn reactor designed to convert 270,000 barrels per day (b/d) of raw bitumen into refinery-ready oil. Suncor's disappointing financial performance reflects a broader shift in the North American supply mix, which is being altered by unconventional plays, such as the Bakken and Eagle Ford. Suncor's chief executive, Steve Williams, blamed a surge of light, sweet oil from the US shale basins for a collapse in Canadian oil prices, which are trading at record discounts to WTI. Suncor's slate of bitumen an

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy