Suncor Energy Q3 Net Earnings Increase

Suncor Energy has reported net earnings of C$815 million, or C$0.87 per common share, for the third quarter of 2008, compared to C$627 million, or C$0.68 per common share, for the same period of 2007.

Cash flow from operations in the third quarter of 2008 was C$1.34 billion, compared to C$957 million in the same period of 2007.

Net earnings for the first nine months of 2008 were C$2.35 billion, compared to C$1.94 billion for the same period in 2007. Year-to-date cash flow from operations was C$3.91 billion, compared to C$2.80 billion in the first nine months of 2007.

Rick George, president and CEO of Suncor Energy, said: “We have had a challenging quarter with unplanned maintenance, including issues at our hydrogen facilities that impacted our product mix.

“With these issues behind us, we continue to target production of approximately 300,000 barrels per day by the end of the year as we work to realize the full value of our expanded oil sands production facilities.”