Suncor rethinks strategy as unconventionals' rise changes supply mix

North America's changing supply mix is prompting Canadian oil-sands producer Suncor Energy to rethink its strategy

The Calgary-based company posted a net loss of C$562 million ($564.09m) in the fourth quarter. The figure included a C$1.5-billion impairment charge on the unfinished Voyageur upgrader, a C$11.9-bn reactor designed to convert 270,000 barrels per day (b/d) of raw bitumen into refinery-ready oil. Suncor's disappointing financial performance reflects a broader shift in the North American supply mix, which is being altered by unconventional plays, such as the Bakken and Eagle Ford. Suncor's chief executive, Steve Williams, blamed a surge of light, sweet oil from the US shale basins for a collapse in Canadian oil prices, which are trading at record discounts to WTI. Suncor's slate of bitumen and