The Canada-based oil and gas producer reported an operating loss of C$26 million, or a loss of 2 Canadian cents per share, falling short of analysts' expectations for earnings of 10 Canadian cents per share.
The company also reported a net loss of C$2 billion ($1.46 billion) due to asset write-downs as a result of the depressed commodity price environment and unrealized foreign exchange losses on U.S. dollar denominated debt.
Suncor also cut its 2016 capital spending forecast to a range of C$6 billion to C$6.5 billion from previous guidance in November of C$6.7 billion to C$7.3 billion, partially because its deferring planned maintenance of its Firebag oil sands project to 2017.
"We are well positioned to weather the current low crude oil price environment," President and CEO Steve Williams said in a statement yesterday.
Suncor's operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining and product marketing under the Petro-Canada brand.
Shares of Suncor closed at $22.90 on Wednesday.
Separately, TheStreet Ratings Team has a "hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that were evaluated.