Reuters: Global Markets: Suncor slides as results disappoint, upgrader in doubt

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Suncor slides as results disappoint, upgrader in doubt Feb 6th 2013, 14:07 Wed Feb 6, 2013 9:07am EST (Reuters) - Shares in Suncor (SU.TO) (SU.N) fell nearly 5 percent in pre-market trade on Wednesday, after Canada's largest oil company reported a loss and wrote down the value of its Voyageur oil sands upgrading project. Calgary, Alberta-based Suncor said late on Tuesday it has booked a C$1.49 billion ($1.5 billion) writedown on Voyageur and the project - aimed at converting oil sands bitumen into refinery-ready synthetic crude - may not go ahead. "The write-down does not come as a surprise given the challenging outlook for upgrading economics in Alberta," said Scotiabank analyst Mark Polak in a note to clients. Polak said the write-down potentially signals management's "renewed focus on returns instead of growth." Suncor shares, which closed at $34.53 on Tuesday on the New York Stock Exchange, were down $1.69 at 0830 ET. National Bank analyst Kyle Preston believes the impairment charge is a sure sign the Voyageur project will be canceled. "Overall, the fourth-quarter results were disappointing and may lead to a slight downward revision to our 2013 financial forecasts after we have more time to analyze the results," said Preston, in a note to clients. (Reporting by Euan Rocha; Editing by Janet Guttsman, Nick Zieminski) Link this Share this Digg this Email Reprints

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