RE:RE:Suncor loses $609M in Q3Luckyguy777 wrote: Loss is due to a revalue of assets based on the price they just paid for a larger % of the same asset. It is a non-cash loss and likely should have been booked long ago if this is the current price. Either that or maybe they got a steal of a deal from Tech that wanted to get rid of some assets.
If they just bought an asset at a good deal it sucks to have to show a loss but them are the accounting rules. Maybe it is better than the results depict.
Well Lucky , it may only be a paper loss but you watch , tomorrow the $609M loss will be the headline . There is no love for O&G in Toronto and SU is the red-headed stepchild as the TSE looks at it . Nobody will be talking about production , 100% refinery utilization , FCF or debt reduction . All you will hear is SU posted a loss , that is a reality you can bank on . It's made me make some good trades that I never would have in a normal market . Toronto hates the west and will short these companies every chance they get , you just can't hold anything because the narrative dictates one viewpoint only .