Suncor Energy’s profit tumbles 81% on low oil prices

Canada’s largest crude oil producer Suncor Energy late on Wednesday reported an 81% plunge in fourth-quarter profit amid multiyear low oil prices and lower-than-expected oil sands output, primarily owing to unplanned maintenance. The TSX- and NYSE-listed oil producer reported net income of C$84-million, or C$0.06 a share, compared with C$443-million, or C$0.30 a share, a year earlier. The company booked a C$302-million after-tax foreign exchange loss on the revaluation of US-dollar denominated debt as a result of the weakening Canadian currency.