Mackay River

Suncor Energy Inc. today reported third quarter 2010 net earnings of Can$1.022 billion, compared to net earnings of Can$929 million for the third quarter of 2009. Operating earnings in the third quarter of 2010 were Can$654 million, compared to Can$343 million in the third quarter of 2009.

Suncor Energy Inc. announced that the company’s oil sands production during December averaged approximately 323,000 barrels per day (bpd). The company achieved its oil sands production target for 2010 with annual production averaging approximately 283,000 bpd.

Petro-Canada reported that in the second quarter of 2009, Oil Sands operations recorded a net loss of $188 million, compared with net earnings of $177 million in the second quarter of 2008. Results reflected lower realized prices, lower production from Syncrude and higher operating expense, partially offset by increased production from MacKay River. Syncrude production decreased 22% in the second quarter of 2009, compared with the second quarter of 2008. MacKay River production was up 28% in the second quarter of 2009, compared with the same period of 2008, due to strong reliability and increased capability, as well as planned maintenance in the second quarter of 2008. MacKay River combined sour synthetic crude oil and bitumen realized prices averaged $50.73/bbl in the second quarter of 2009, compared with average bitumen only prices of $75.85/bbl in the second quarter of 2008.