Canadian oil sands player Suncor Energy — which lost heavily when the Toronto Stock Exchange dropped C$90 billion Monday — has posted 2007 net earnings of $2.83 billion, down $139 million over 2006 on shut-downs.

Modifications to plant ahead of a planned 35 percent oil-sands expansion brought a 50-day stop to oil-sands production. Expansion has also coincided with a near doubling of company debt.

In contrast, Suncor's Q4 2004 showed net earnings of $963 million, up 170 percent over the same span in 2006 on payments in strong Canadian dollars for productio that fell off slightly to 290,700 barrels of oil equivalent per day.

Oil sands oil production in the final three months of 2007 averagd 252,500 bpd, down about 14,000 barrels year-on-year.

A production hike to 350,000 at one of the company’s heavy oil upgraders could boost 2008 earnings, although company managers warned maintenance to allow the fitting of emissions-cutting kit could affect the supply of bitumen to the production plant.

Tags: Suncor Energy